Buying a house isn't an option for everyone in Canada. However, people are still buying up properties across the country, even younger people. That being said, first time home buyers in Canada are only kind of relatable.
Canada Mortgage and Housing Corporation's annual Mortgage Consumer Survey looks at the state of home buying in Canada and how Canadians are feeling about homeownership andthe process of buying a home.
The report looks at first time home buyers and repeat buyers.
It turns out that first time home buyers in Canada are only kind of relatable thanks to marital status and income.
Of people who bought a home for the first time this year, just a little over half of them were aged 25 to 34 and 71 percent of them were married or in common-law relationships.
Alternatively, only 23 percent of first time buyers this year were single.
Kudos to them for buying a home on their own!
An average of 86 percent of Canadians who bought their first home this year were employed. That definitely makes sense because with how expensive some housing markets in Canada are and how expensive just renting can sometimes be, being employed does make it easier to buy a home.
And of all first time buyers, regardless of marital status, 40 percent of people have a household income of $60,000 to $105,000.
When it comes to must-haves and needs for buying a home, first time home buyers in Canada are really relatable.
"Affordability continues to be the most important factor for many Canadians when it comes to buying a home," the survey stated.
Price and affordability were top must-haves for Canadians buying a home with 80 percent saying that it was a necessary part of actually buying a home.
Also, 73 percent of people said that the number of rooms in a home is a must-have. So people need to have enough rooms for everyone and everything.
After affordability and space, public transit was the next most important must-have. 67 percent of people said that proximity to public transportation is a necessary feature for a house to have when deciding to buy or not.
We definitely understand that.
When it comes to features people want from their homes but don't necessarily need, the results are a little different.
Only 56 percent of people said the type of neighbourhood a home is in makes their wish list when looking at homes to buy. But being close to shopping, restaurants and entertainment is a want for 58 percent of home buyers.
A newly-built home is a want for 73 percent of people but not necessarily a must-have.
More people said a fixer-upper was a must-have than the number of people who said a move-in ready home was a must-have.
According to Canada's Mortgage and Housing Corporation, there was a dramatic decrease in the number of Canadians who spent the maximum amount they could afford when buying a home.
So while affordability might be top of mind, it seems people still really want to buy homes.