What housing slump? Majority of homebuyers are upgrading this year

The Canadian Association of Accredited Mortgage Professionals (CAAMP) recently released their spring market survey, which provides a lot of insight about the homebuying activities of Canadians, from mortgages to housing choices.

One of the most positive outcomes of the survey was one that will probably surprise many, as there’s much “doom and gloom” in the media over our real estate market, 61% of homebuyers surveyed have actually “moved up” (bought a more expensive home).

People are still buying homes this year, and upgrading at that. According to the report, 620,000 people and/or households moved into dwellings purchased. Of that number, this is the breakdown:

• 45% were first-time buyers
• 20% were making their second home purchase
• 1/3 were making their third or subsequent home purchase

So, if 61% of homebuyers are moving up this year (or already), what does the rest of homebuying landscape look like? Here’s a quick rundown:

• 57% of homes purchased were single-detached
• 10% of homes purchased were semi-detached/row homes
• 19% of homes purchased were condos
• Just over 1% of homes purchased were over $1-million

Of course these are averages Canada-wide, so numbers would vary province by province, but overall these numbers are encouraging. For the full report which includes more specifics, you can view it online here. If you have any questions about these findings, or mortgages/real estate in general, feel free to contact me.

Tags : alberta real estate, CAAMP, calgary homebuyer, calgary homebuying, calgary mortgage, calgary mortgage broker, calgary real estate, canada housing, canada mortgage, mortgage calgary