This past June, Mortgage Professionals Canada published their survey results on the Next Generation of Homebuyers; 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 home-ownership, these results can be an interesting comparison to your own situation. Here are some of the key findings:
• 52% of the homebuyers are under 30 years old, 48% aged 30 to 39
• 55% singe, 39% married/living with a partner
• 81% have no children
• 72% homebuyers 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 –
1. They are experts/specialize in mortgages
2. Getting the best rate
3. Help you negotiate a better deal
4. Access to more lenders
5. Convenient, one-stop shopping
Wherever you are in your homeownership journey, I am here to answer your questions and help you find the right mortgage, with the rate and flexibility you need to be a happy homeowner. For a free Mortgage review, Apply Online or call now at 1-866-553-7467.