This past June, Mortgage Professionals Canada published their survey results on the Next Generation of Homebuyers.
Take note: Adults under the age of 40 who don’t currently own a home but expect to own in the future, if you are planning on buying, or help a child get into homeownership, these results can be an interesting comparison to your own situation. Here are some of the key findings:
- 52% are under 30 years old, 48% aged 30 to 39
- 55% single, 39% married/living with a partner
- 81% have no children
- 72% agree that mortgages are good debt, and 76% agree real estate is a good long-term investment. 58% are optimistic about the economy in the next 12 months.
- The decision to buy is often influenced by key life events – start a family (33%), getting a promotion/raise (30%), getting married (29%), inheritance (8%).
- Primary downpayment sources are personal savings (73%), gift/loan from a family member (36%), TFSA (33%) and RRSP (29%).
- Average downpayment savings is $37,000 among imminent buyers.
- Neighbourhood (61%), safety (58%), and potential for increase in value (50%) are the most important home features. Features that are considered to be worth a premium are nice neighbourhood (33%), short commute (31%) and safety (29%).
In terms of where to source their mortgage, 59% said they will likely use a Mortgage Broker once aware of their services. The top five reasons cited for using a mortgage brokers are –
- They are experts/specialize in mortgages
- Getting the best rate
- Help you negotiate a better deal
- Access to more lenders
- Convenient, one-stop shopping
Wherever you are in your home ownership journey, make sure to speak with an experienced Mortgage Broker. A Mortgage Broker does not work for any one Bank or Lender.
Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.
Steve Garganis 416 224 0114 email@example.com
As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.