The results found a great number of would-be buyers would benefit from the expertise of a mortgage broker.
A mere 53% are aware of federal down payment changes – essential information for those buying, especially if they plan to purchase in one of Canada’s hottest housing market.
Of those polled, 59% plan to purchase a detached home, 18% have their sights set on a condo, 13% are interested in a townhome, and 8% plan to purchase semi-detached. 2% chose “other” as their planned purchase type.
The survey included 1,009 Canadians aged 18-39 who do not currently own a home, as well as an additional 101 recent homebuyers aged 21+.
Of those non-homeowners, 118 considered themselves imminent buyers, 591 are mid-term buyers and 300 are distant buyers.
According to the survey, the vast majority of young Canadians – 94% -- plan on being homeowners eventually.
Of those, 12% plan to purchase in the next 12 months, 31% plan to buy within the next two years, and 70% plan to achieve the homeownership dream within the next five years. 90% of imminent buyers are already saving for a down payment. The average savings amount among imminent buyers is $37,000.
Unsurprisingly, the study found married Canadians are most likely to plan to buy within the next year (24%) compared to single Canadians (8%) and separated individuals (7%).
Life events also impact homeownership plans. Of those polled, 33% are waiting to start a family before buying, 30% are awaiting a raise, 29% plan to get married first, and 24% would like to move to a new job first.
Of those polled, 72% believe mortgages are good debt. That number jumped to 88% among recent homebuyers. 76% of those polled said real estate is a good investment (90% of recent homebuyers agree), and 58% are optimistic about the economy in the next 12 months (75% among recent homebuyers).
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A recent comprehensive home buying study by Mortgage Professionals Canada points to just how much potential buyers would benefit from using a mortgage broker.