Here’s some fresh data from CMHC’s newly-released Renovation and Home Purchase Report:
- 6% of Canadian households bought a home in 2009
- 43% were first-time buyers (up from 36% in 2008)
- 35% of buyers were age 18-34
- 66% bought a home that was more expensive than their previous residence; 22% bought a less expensive home
- 59% bought a larger home; 24% downsized
- 74% bought an existing home; 22% bought new construction
- 55% purchased a single-detached home; 18% bought an apartment condo
- 5% of households intend to buy in 2010; 53% of those are renters
- 42% of those intending to purchase, plan to make a down payment of 20% or more.
The report surveyed 5-10 metropolitan areas across the country. Here’s a link to the full report with all the details.
great post, thanks for those statistics. Any idea what the amount of homes were foreclosed on that had CHMC mortgages? It would be interesting to see what the foreclosure rate in Canada is in comparision to the U.S. If you find out that stat, would you be able to share it here? Thanks!
Rob, I just wanted to say that you keep the rest of us brokers so informed, you should have your own magazine! Thank you…I don’t think you get enough kudos for the hard work you do for the public and the other brokers like me with the in depth posts you do. Great job! One day I hope to have the honor of meeting you.
Kristina Berg
less than .3 percent default in GTA
Hi Kristina,
You are very kind; thank you. If I could figure out how to do a blushing smiley face I would definitely include one. :)
Look forward to connecting at a future industry event!
Cheers for now,
Rob
Hi Devin,
I don’t recall seeing stats on CMHC-insured arrears but I suspect they’re somewhat close to the CBA figures (0.44%):
http://bit.ly/dtcFZ3
By comparison, the last U.S. arrears rate I saw was 9.54%:
http://bit.ly/aQ5aDi
It’s a dramatic difference.
Both of these stats measure 90-day arrears (i.e. serious delinquencies).
Cheers,
Rob