Realty Times - A new survey of first-time buyers in Canada reveals they are more financially savvy than the general population, well-educated, employed and married or in a common-law relationship. Most of them are millennials (34 or younger) and they share the desire of their parents to own their homes.
The survey, commissioned by mortgage insurer Genworth Canada, "shows that today's first-time buyers have their eyes wide open, their hands firmly on their pocketbook and are thinking hard before assuming the responsibility of homeownership," says Stuart Levings, president and CEO of Genworth Canada.
Rising prices have raised concerns about affordability across the country but especially in Vancouver and Toronto, where the average price for a detached home now exceeds $1 million. The high prices and warnings that interest rates could rise and prices could fall are not deterring first-time buyers, who are taking a hard look at the market and their own finances before making the jump into homeownership.
The survey says first-timers are managing their debt carefully, by not taking on additional debt since buying their home. One-third have been able to reduce their mortgage debt by increasing payments or making lump-sum payments.
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