Young Canadians make up the bulk of home buyers in the Montreal CMA according to a new comprehensive analysis by CMHC.
If found that around 60% of homebuyers in the region were households aged 25-44 years, based on census information from 2016.
"There is very little data on the profile of households who buy homes in the Montréal area, and this study allows us therefore to help industry players keep abreast of the dynamics at play in the various sectors of Montréal,” said Francis Cortellino, Canada Mortgage and Housing Corporation economist.
Condominium buyers in the city of Montréal were largely first-time homebuyers (households under the age of 35), although in some areas (such as Anjou, Saint-Léonard and Île-des-Sœurs) there was a larger proportion of over 55s.
In several suburban sectors, condos attracted buyers of all ages, and mainly one-person households, which made up 45% of buyers of these homes across the CMA.
Almost a third of buyers of condos were couples without children while 13% were families.
For single-family homes, 45% of buyers were families with one person households accounting for just 12%.
Nearly half of the households who left Montréal to buy a home elsewhere in the CMA were couples (with or without children) aged 25 to 44 who bought a single-family home. The city of Montréal lost more buyers to each of the other sectors of the CMA than it gained from those sectors.
“The suburban sectors generally attracted more young families and young couples without children looking for single-family homes. These suburban sectors also attracted buyers from other sectors of the CMA, including a number from the city of Montréal,” added Cortellino.