The Canadian Mortgage and Housing corporation article “Eye-opening numbers from CMHC’s survey of Canadian first-time home buyers”, had some interesting Canadian statistics about first time home buyers. Their study found:
66% of first-time homebuyers have household incomes of $90,000 or less and 20% have incomes of less than $45,000.
59% of first-time buyers buy single-detached homes. This compares with 73% of repeat buyers
39% of first-time homebuyers purchase a semi-detached, townhouses or condos. This compares with 20% of repeat buyers.
31% of first-time buyers hope to move within the next five years. This compares with just 19% of repeat buyers.
How dependant on the internet is the average home buyer?
Another survey found that house hunters are increasingly dependent on the digital world when it comes to finding a property. According to the latest report from the National Realtors Association (NAR), 92% of buyers use the Internet in their search for a home. This is up from 71% in 2003.
For 42% of home buyers, their first step was checking online for potential properties.
The survey also found:
14% of homebuyers also took to the Internet first to get a better sense of the home buying process.
12 % used online recommendations when looking for an agent.
How many homes does the average homebuyer have to see? How long does it take to find a home?
The most interesting statistic (for me) included in the study is that the typical homebuyer took about 12 weeks to find their next home and saw only 10 homes in person. That seems low.
Unemployment rate down in Waterloo Region
Statistics Canada reported this week that Waterloo Region’s unemployment rate fell from 7.3% to 6.8%. Hmm? What about Blackberry?
How long has your agent been in business?
33% of all real estate agents have been in the business for less than a year.In several provinces, about 20% of us come and go in a year.
Own or rent?
69% of Canadian households own their own home.