CMHC’s first ever Prospective Home Buyers Survey is available

Canada Mortgage and Housing Corporation (CMHC) conducted a survey of 2,507 prospective homebuyers across Canada in October 2017. Respondents were divided into three groups: first-time buyers, previous owners and current owners. The survey was divided into six categories to take a closer look at home purchase drivers, housing expectations, financing a home, home buying readiness, technological resources and the impact of changes to the housing industry.

Some of the results include the following:

  • 80% of all buyers agree that “homeownership is a good long term financial investment”
  • First-Time Buyers and Previous Owners share the same top motivator to purchase a home: they want to stop renting (65% and 60% rank this as one of the top three drivers to buy a home respectively).
  • The majority of future home buyers (68% of First-Time Buyers, 60% of Previous Owners, and 58% of Current Owners) prefer to complete the entire home buying process while consulting with professionals and using online tools and resources. Only a few prefer to use online tools and resources only, without ever needing to consult with a professional (7% of First-Time Buyers, 5% of Current Owners, and 4% of Previous Owners).

To read the full report, click here.

Note: This CMHC report was also highlighted in the CREA Café.