% of households buying a home in 2011: 6%*
(5% of households expect to buy in 2012, according to CMHC’s survey.)
Ratio of first-time buyers in 2011: 35% (This fell for the second straight year. It was 38% in 2010 and 43% in 2009. Higher prices and tighter lending rules are making home buying more challenging for some first-timers. That’s a trend to watch since young purchasers are the foundation of the housing market.)
Homebuyers by age in 2011:
% of homebuyers in 2011 who funded their down payment with savings: 84%
(Savings was the top down payment source, as usual. This includes RRSPs & investments.)
% of repeat buyers who bought a more expensive home than their prior residence: 59%
% of repeat buyers who bought a larger home than their prior residence: 52%
% of buyers purchasing a pre-owned home: 72%
Types of homes purchased in 2011:
Multi-unit: 39% (Including 27% who bought a condo)
% of households who renovated in 2011 and financed those renovations with:
A mortgage: 15%
A line of credit or credit card: 11%
* The 10 major centres were surveyed when collecting this data: St. John’s, Halifax, Québec, Montréal, Toronto, Ottawa, Winnipeg, Calgary, Edmonton and Vancouver.
Rob McLister, CMT
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