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New-Build Buyer Profile

New-HomesHere’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

  • Income:
    • 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.)
  • consumersBuyer Age:
    • 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
  • Household Participants:
    • 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
  • Size:
    • 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