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Ratio of First-time Buyers Shrinks

First-time-HomeCMHC’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