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First-time home buyers want affordability & safe streets-Diane Plant
First-time buyers are doing their homework and making responsible financial decisions entering Canada’s housing market. The typical first-time homebuyer is well-educated, employed, consulting with mortgage industry professionals and purchasing a home within financial reach.
These findings are from a study conducted earlier this year by Genworth Canada. More recently, the company invited customers to attend a session with David MacDonald of Environics Research Group to delve deeper into the results of the survey and discuss specific traits and behaviours of first-time homebuyers when it comes to making key decisions in the home buying process.
Overall, first-time buyers tend to have higher incomes than the general population with 31 per cent having household incomes above $100,000. Other typical traits of this primarily millennial population include working full-time (81 per cent), holding a post-secondary education (89 per cent) and married or in a common-law relationship (71 per cent). One-fifth of all those surveyed were born outside of Canada with 62 per cent of that group having immigrated in the past 10 years.
According to the survey, the typical first-time buyer is also conscious of the need to manage their debt burden carefully. More than half (57 per cent) have taken care to avoid taking on additional debt since buying their home. ... more

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