What do First-Time Homebuyers Look Like in 2015? |

25 Nov 2015

0 Comments

What do First-Time Homebuyers Look Like in 2015?

CMHC released their annual First-Time Homebuyers Survey today, outlining the buying patterns and profiles of first-time homebuyers in Canada in 2015. It’s also Financial Literacy Month, and understanding how first-time buyers are purchasing homes, can help us get a better picture of the housing market across Canada.

“For many Canadians, buying their first home is the single, largest purchase they have ever made.” says Nathalie Fredette, Vice-President, Client Relationship Management. “Our aim is to provide mortgage brokers, lenders and other industry professionals with valuable information and useful tools so they can better guide their clients through this major life event.”

“CMHC’s survey results reiterate the central role that mortgage professionals play in providing first-time homebuyers with the information they need to manage their money and debt wisely,” said Jane Rooney, Canada’s Financial Literacy Leader. “The more we understand the financial literacy needs of Canadians, the better we can be at providing the right information at the right time to help them build their financial knowledge, skills and confidence.”

Some of the key takeaways from the 2015 First-Time Homebuyers Survey:

83% of first-time buyers did research online
84% used lender/broker websites in their online research
55% of first-time buyers used a mortgage broker this year
78% were satisfied with their mortgage broker or lender
34% said family members had the biggest influence on their decisions
38% of first-time buyers incurred unexpected expenses during homebuying
Only 44% received contact from their broker after the transaction

If you’re a first-time homebuyer, please feel free to contact me with any questions you might have, or find me on Twitter. For more information on the 2015 First-Time Homebuyers Survey, see the CMHC website.