A snapshot of first-time homebuyers in Canada

Genworth Financial recently polled 1,800 first-time homebuyers in Canada to get a feel for what that demographic looks like this year, and with 30-35% of homes being purchased by first-timers, it’s important to understand their stake in the marketplace. Here’s a few of the key trends in the report: The average purchase price has increased, with an average of $293,000 being spent Canada-wide 63% of first-time buyers purchased mortgage loan insurance: this means that majority of first-time buyers in Canada are putting less than a 20% down payment. It’s important to note that in going this route, CMHC and Genworth both raised their insurance premiums…