Buying a home is still an important goal for most Canadians but high home prices and affordability remain the dominant issues for many potential buyers.
Almost twice as many first-time buyers reported price/affordability as being the most important factor when buying a home compared to other factors such as neighbourhood, proximity to work, and condition of the home.
The findings from the newly-published Mortgage Consumer Survey from CMHC also reveal that 37% of buyers say they have concerns or uncertainty when buying a home.
Paying too much for their new home concerns around half of respondents while around a third are worried about interest rates and mortgage qualification.
The majority (80%) homebuyers believing that homeownership remains a good long-term financial investment and 66% believe the value of their home will increase in the next 12 months.
Among first-time buyers, most said they wanted to buy their first home and felt financially ready to do so.
They said they had been planning their purchase for some time and were encouraged by low interest rates.
Despite 85% saying they spent as much as they could afford, 76% were confident in meeting future mortgage payments.