Anxiety among Canada’s first-time buyers is high with more than half fearful that they will miss out a vital step as they move onto the property ladder.
Almost a quarter of those polled by TD said they are stressed out by the homebuying process, and 21% say they are overwhelmed.
The biggest fear is being hit with unexpected costs (71% said that) but the survey reveals that first-time buyers are missing out on better deals by failing to take steps to improve their credit score (61%) when preparing to buy a home.
"Our research found that more than one-third of first-time home buyers are saving for a down payment without planning the home buying process," said Marc Kulak, Vice President, TD Bank Group. "Saving for a down payment is just one priority. Take time to consider the many costs and steps associated with homebuying – from appraisal fees to mortgage default insurance. By anticipating expenses and adopting sound financial behaviours such as paying down your existing debts, you are setting yourself up for success."
The survey was conducted online with a total of 1,001 adults from February 5-14, 2018. All respondents had to be 18-69 years of age, be a first-time home buyer and reside in Canada.