CMHC’s just-released Renovation and Home Purchase Report has new data on renos and first-time buyers.
Here’s a rundown of the highlights:
- % 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:
- 25-34: 25%
- 35-44: 28%
- 45-54: 19%
- 55+: 24%
- % 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:
- Single-detached: 50%
- Multi-unit: 39% (Including 27% who bought a condo)
- % of households who renovated in 2011 and financed those renovations with:
- Savings: 81%
- 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