Close to 70% of renters in Canada said they would be willing to delay major purchases and more than half would give up vacations to own their own home, according to Genworth Financial Canada's most recent First-Time Homebuyer's Monitor
"The First-Time Homebuyer's Monitor results confirm something that homebuilders consistently witness at the point of sales, namely the intense desire of Canadians, particularly first-time homebuyers, to achieve the dream of homeownership," Stephen Dupuis, president and CEO of the Building Industry and Land Development Association, wrote in the report.
In addition, the survey - which polled 2,000 Canadians - found that a large number of first-time homebuyers would forgo vacations (82%), work a second job (65%) or take on a renter (44%) to stay in their home when times are tough. Findings also showed that only 16% of respondents indicated they are "very prepared" for an interruption in income that would make mortgage payments difficult.
Brent Irving
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