Owning a home is viewed as a wise financial decision by almost half of first-time buyers.
A survey by mortgage insurer Genworth shows that the financial benefits of owning a home was the top reason for buying (49 per cent) followed by wanting to control their home (46 per cent) and because they had saved enough for a downpayment (45 per cent).
More than half of respondents were concerned that they would not be able to get a mortgage due to tighter restrictions that have been introduced in recent months despite almost half feeling that they were in good financial shape.
Most first-time buyers are employed full time (84 per cent) and earning a combined household income of at least $100,000.
"From the perspective of a mortgage insurer, these first-time homebuyers possess a positive profile which includes full-time jobs and incomes to support their monthly mortgage payments. They are financially responsible and looking for the benefits associated with long-term homeownership," commented Mr. Levings, President and CEO, Genworth Canada.
Although 18 per cent of respondents said they would not be able to buy a home and 32 per cent saying it would be ‘much more difficult’ due mainly to higher house prices, they were also willing to delay purchase, cut non-essential spending or borrow cash for their downpayment.
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