Profile of Canadian First-Time Homebuyers

 

 

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.

 

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