Who are the first-time homebuyers ?

By Jeremy on Dec 04, 2013

The Canada Mortgage and Housing Corporation (CMHC) recently released figures that give us an idea of what the average first-time homebuyer in Canada looks like. The survey was taken from 500 first-time buyers across the country, and shows some surprising (and some not) trends in that demographic.

Compared to other home buyers, first-time buyers are young according to the results. Almost two-thirds are younger than 35 and almost half are between 25 to 34 years of age. In comparison, only 20 per cent of repeat buyers are under 35. – CHBA (Canadian Home Builders Association)

While it’s not really surprising that most of first-time homebuyers are younger, what may surprise you is that they are a higher educated population than most mortgage consumers, with 85% having a post-secondary education.

• 2/3 first-time homebuyers are under the age of 35

• 65% of first-time buyers make $90,000/year or less, 1 in 5 make less than $45,000

• 23% if first-time homebuyers were born outside of Canada

CHBA has a great infographic illustrating some of this information, available online here. If you have questions about any of this information, or about your specific situation, by all means feel free to contact me.

 

Source: Jeremy Nagel