Genworth Canada has found first-time homebuyers to be “responsible” in their financial decisions and
real estate investing as they enter the housing market, stating that they are “doing their homework.”
The report titled 2015 Genworth Canada – First-Time Homeownership Study
also said young homebuyers are "well-educated, employed, consult with mortgage industry professionals and purchasing a home within financial reach.”
Canada’s first-time buyers also appear to have better income brackets compared to the country’s general population, with incomes, in many cases above $100,000. 81% are also working full-time and 89% are bearers of a post-secondary education.
"The survey shows that today's first-time homebuyers have their eyes wide open, their hands firmly on their pocketbook and are thinking hard before assuming the responsibility of homeownership," said Stuart Levings, president and chief executive. "This prudence and careful planning should serve Canada's housing market well as responsible first-time buyers grow into responsible long-term owners."
This generation is also conscious of the need to manage debts carefully, the survey said. Some 57% of the respondents have avoided taking on additional debt since buying their homes, while 36% have increased their bi-weekly mortgage payments. Some made larger one-time lump sum payment as well.
"With good incomes, solid jobs and a financial partner with whom to share the responsibility of homeownership, most first-time homebuyers generate a positive profile from the perspective of a mortgage insurer," added Levings.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: