Here’s some interesting data from Altus Group about buyers of new homes.
Types of Buyers:
About half of new homebuyers purchasing from 2009-2011 were first-time buyers with mortgages (The ratio of 1st-timers has been falling if you combine new and resale purchases. According to CMHC data, it stood at 35% in 2011.)
One third of purchasers were repeat buyers with mortgages
One fifth were buyers who didn’t require a mortgage
The average annual household income of someone purchasing a newly-built home was ~$84,000
1 in 3 buyers of newly-built homes bought a condo. (Their income was about 15% below those purchasing freehold homes.)
The average age of a new homebuyer was 37. (The median age was 33.)
Less than 1 in 10 new homebuyers was 65 years old or older
1/4 of new homebuyers were single
Half of new homebuyers were 2-person households
1/4 of new homebuyers had 3+ persons in their household
The average size of a new single-detached home was 1,900 sq. ft.—up about 100 sq. ft. from a decade ago.
For new condos, the average size is 800 sq. ft.
The above survey is based on those buying new homes from 2009-2011. Our thanks to the Altus Group for these figures, which appear in volume XXI of its “FIRM Survey.” A shout-out to the Calgary Herald’s Mario Toneguzzi as well for alerting us to this report.
Rob McLister, CMT
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