New Facts on Home Buyers
Here’s some fresh data from CMHC’s newly-released Renovation and Home Purchase Report:
- 6% of Canadian households bought a home in 2009
- 43% were first-time buyers (up from 36% in 2008)
- 35% of buyers were age 18-34
- 66% bought a home that was more expensive than their previous residence; 22% bought a less expensive home
- 59% bought a larger home; 24% downsized
- 74% bought an existing home; 22% bought new construction
- 55% purchased a single-detached home; 18% bought an apartment condo
- 5% of households intend to buy in 2010; 53% of those are renters
- 42% of those intending to purchase, plan to make a down payment of 20% or more.
The report surveyed 5-10 metropolitan areas across the country. Here’s a link to the full report with all the details.
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