Information from a recent CMHC survey, gives us a bit of a look at what the average Canadian first-time homebuyer looks like:
• 2/3 are under the age of 35 (only 20% of repeat buyers are under 35)
• 2/3 have household incomes of under $90,000 (50% for repeat buyers)
Although First-Time Buyers have lower household incomes, they tend to have higher levels of education compared to other mortgage consumers, with 82% having post-secondary education.
• 23% of first-time buyers were born outside of Canada (13% for repeat buyers)
First-Time Buyers who are immigrants are more likely to have more than four people living in their home (34%) than are First-Time Buyers born in Canada (15%). They are also more likely to have a university education, with 72% having a university degree or post-graduate studies. Among First-Time Buyers born in Canada, 42% are university educated. First-Time Buyers who are immigrants tend to establish themselves before purchasing a home, living in Canada for a median time of nine years before buying.