G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Methodology
2
Background
The purpose of this research is to gain deeper insights into the needs, motivations and financial decisions of Canadian first-time home buyers for National Homeownership Education Week.
Methodology
A total of 1,893 interviews with Canadians aged 25-40 who had purchased their first home within the prior two years.
Online interviewing was completed between February 15 and March 15, 2019. Quotas were set to oversample in urban regions with weighting to bring them into overall national proportions.
Total
Van-couverCMA
B.C. xGVA
CalgaryCMA AB xCal
Man./ Sask.
TorontoCMA
Ont. xGTA
MontrealCMA
QC xMont. Atlantic
Unweighted 1893 174 108 138 153 156 279 316 151 266 152
Weighted 1893 133 118 75 144 128 320 406 221 220 126
Weighted Pct. 100% 7% 6% 4% 8% 7% 17% 21% 12% 12% 7%
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
11%
2015
5%
2019
Incidence of First-Time Buyers among 25-40 year olds
4
??
8%
2017
Where are the missing first-time buyers?
Who made the hurdle?
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Homeownership growth among 25-40 year-olds declines as aging Millennials top out
5
55% 58% 60%
0%
10%
20%
30%
40%
50%
60%
70%
2015 2017 2019
Home ownership: Millennials
(24-39)(22-37)(20-35)
Home ownership: 25-40 year-olds
71%64% 62%
0%
10%
20%
30%
40%
50%
60%
70%
2015 2017 2019
2015-2019 General Population research
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
More are motivated to buy before further price increases; financial motivations rebound with greater confidence
7
Which of the following were motivations that led you to purchase a home rather than keep living where you were? Select all that apply
50%
45%
44%
42%
36%
30%
17%
16%
14%
12%
9%
8%
6%
49%
46%
45%
39%
32%
29%
15%
17%
11%
11%
7%
8%
4%
53%
47%
47%
44%
31%
32%
15%
19%
15%
11%
7%
8%
4%
2019
2017
2015
Key Differences:
Those in B.C. outside of Vancouver are more likely to believe owning a home is wiser financial decision than renting (62%) and that they wanted to buy a home before prices increased further (50%).
Those in Calgary are more likely to have saved enough for a down payment (57%).
Those in Ontario outside of Toronto are more likely to have wanted to buy before prices increased further (44%).
Those in Quebec outside of Montreal to have wanted to own the home they live in so they are in control (54%).
Believe owning a home is a wiser financial decision
Wanting to own the home so you are in control of it
Saved enough for a down payment
Became financially confident that I could afford it
Wanted to buy a home now before prices increased further
Disliked renting a home
Getting married/moving in together with partner
Got a new job/raise/bonus
Birth of a child
Spoke to a professional who showed that I could afford it
Received an inheritance or gift of large sum of money
Disliked living at parent’s home
Attended a home show to educate yourself on the process
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
95%
91%
90%
84%
81%
80%
77%
75%
74%
73%
67%
67%
65%
62%
50%
93%
89%
91%
82%
77%
77%
75%
72%
72%
70%
63%
65%
62%
55%
44%
94%
91%
90%
85%
79%
76%
77%
72%
71%
69%
63%
65%
63%
55%
39%
201920172015
While price remains the most important reason, more now cite the value as an investment; more value proximity to transit and work
8
Price
Safe neighbourhood
Size/Space of the home
Style/design of home
Its value as an investment/take advantage of rising real estate prices
Proximity to work
Reflective of type of neighbourhood you want to raise your kids in
Energy efficiency of home
Features/upgrades
Potential to renovate and resell
Energy efficiency of appliances in home
Proximity to shopping
Proximity to school
Proximity to public transit
Potential to rent out part or all of it
How important were each of the following as reasons for why you chose your current home?
Key Differences:
Those in Vancouver are more likely to cite proximity to shopping (79%), public transit (79%) and the potential to rent out some or all of it (66%).
Those in Calgary are more likely to cite the style/design of the home (91%), features and upgrades (81%), proximity to sopping (76%) and public transit (73%).
Those in Toronto are more likely to cite its value as an investment (88%), its potential to renovate and sell (74%) and the potential to rent out some or all of it (58%). Those in Toronto are also more likely to cite proximity to public transit (80%), shopping (74%), and schools (70%).
Those in Ontario outside of Toronto are more likely to cite it’s value as an investment (86%), price (98%), and energy efficiency of home (80%).
Those in Montreal are more likely to want the type of neighbourhood they could raise their kids in (84%), proximity to shopping (79%) and public transit (76%) and the ability to rent some or all of it (58%).
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Just over six in ten first-time buyers feel housing prices will increase in the next 12 months
9
By how much do you expect housing prices will go up or down in the next 12 months?
62%
18%
7%
12%
63%
19%
6%
12%
62%
19%
6%
12%
Increase
Stay the same
Decrease
Don't know/notsure
2019
2017
2015
Key Differences:
Those more likely to believe home prices will increase include those in Toronto (71%) or BC outside of Vancouver (75%)
• Those more likely to expect prices to decrease include those in Calgary (24%) and Alberta outside of Calgary (17%), and those in Vancouver (12%)
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Growing shares of Condos
11
What kind of home did you purchase?
Key Differences:
Condominiums are more likely to be the home of choice in Vancouver (55%), Montreal (38%) and Toronto (29%).
Torontonians are also more likely to prefer townhomes (25%) and semi-detached homes (16%). Those in Montreal are also more likely to prefer semi-detached homes (19%).
Fully detached homes are preferred in Manitoba/Saskatchewan (71%), Ontario outside of Toronto (59%), Alberta outside of Calgary (59%), Quebec outside of Montreal (68%) and Atlantic Canada (69%).
50%
21%
16%
12%
54%
16%
18%
11%
55%
17%
15%
13%
Fully detached home
Condominium
Townhouse/row house
Duplex/semi-detached home 2019
2017
2015
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Price compression as mean prices remain flat but medians rise; increase in proportion of down payment
12
To help us understand home prices and mortgage financing please indicate the total purchase price of your home, as well as the down payment you made.
2019 2017 2015
Price paid for your homeMean
Median$406$350
$402$310
$318$293
Total down payment for your home
Mean Median
$83$45
$76$35
$59$34
Size of the mortgageMean
Median$323$288
$326$254
$260$242
Down payment as pct. of the total cost of the home
Mean Median
17.9%14.0%
17.0%12.0%
16.9%12.0%
Proportion with high ratio mortgages
58% 63% 63%
$59 $76 $83
$260
$326 $323
2015 2017 2019
Down payment Mortgage
$318
$402 $406
Mean Prices ($000) Mean prices rise modestly but medians rise from $310k in 2017 to $350k in 2019.
Down payments as a proportion of home prices rise
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Transaction Values – 2019
13
To help us understand home prices and mortgage financing please indicate the total purchase price of your home, as well as the down payment you made.
Mean Total
Van-
couver
B.C.
ex-Van. Calgary
Alberta
ex-Cal.
Man./
Sask. Toronto
Ontario
ex-Tor. Montreal
Quebec
ex-Mtl. Atlantic
Price paid for your home $406 $687 $428 $441 $364 $299 $623 $377 $320 $214 $247
Total down payment for your home $83 $187 $77 $91 $55 $42 $150 $79 $50 $31 $37
Size of the mortgage $323 $500 $351 $351 $309 $257 $473 $298 $271 $183 $211
Down payment as proportion of the total cost of the home
18% 26% 16% 20% 15% 12% 23% 20% 15% 14% 14%
MedianTotal
Van-
couver
B.C.
ex-Van. CalgaryAlberta
ex-Cal.
Man./
Sask. TorontoOntario
ex-Tor. MontrealQuebec
ex-Mtl. Atlantic
Price paid for your home $350 $576 $400 $415 $375 $280 $550 $365 $280 $205 $208
Total down payment for your home $45 $120 $41 $55 $30 $20 $100 $50 $25 $18 $20
Size of the mortgage $288 $422 $336 $345 $323 $245 $434 $291 $230 $171 $180
Down payment as proportion of the total cost of the home
14% 21% 12% 16% 10% 8% 20% 18% 10% 10% 10%
Total
Van-
couver
B.C.
ex-Van. Calgary
Alberta
ex-Cal.
Man./
Sask. Toronto
Ontario
ex-Tor. Montreal
Quebec
ex-Mtl. Atlantic
High ratio mortgage 58% 34% 69% 58% 72% 78% 40% 52% 65% 71% 72%
Not high ratio mortgage 42% 66% 31% 42% 28% 22% 60% 48% 35% 29% 28%
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
More say they got pre-approved for a mortgage before shopping for homes
15
58%
27%
13%
54%
30%
13%
62%
21%
15%
Before you started shopping forany homes
When you found your currenthome, but before you negotiated
its price
Not until you negotiated theprice of your current home and
had to obtain financing
2019
2017
2015
Key Differences:
Those in Toronto are more likely to say they did not get pre-approved until they negotiated the price of their home and had to obtain financing (18%)
Did you get pre-approved for a mortgage by your bank or mortgage lender… ?
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Personal savings lead for down payments, with growing reliance on gifts/loans
16
From which of the following sources did you obtain the funds for your down payment? Select all that apply
68%
36%
28%
25%
13%
10%
6%
5%
3%
1%
65%
39%
29%
22%
12%
9%
4%
0%
3%
1%
69%
39%
24%
22%
9%
8%
5%
0%
1%
1%
Your own/partner’s savings/non-registered investments
Withdrawal from an RRSP (Home Buyer’s Plan)
Withdrawal from a TFSA (Tax-FreeSavings Account)
Gift from a family member
Loan from a family member
Line of credit/other financing
Wedding gift
Private Loan
Proceeds from the sale of aproperty by your co-purchaser
Income or sale of assets owned inthe country you immigrated from
2019
2017
2015
Key Differences:
Those in Toronto are more likely to have taken money from a TFSA (33%) or a loan from a family member (20%).
Those in Ontario outside of Toronto are more likely have relied on their own and/or their partners’ savings (74%).
Those in Quebec outside of Montreal are more likely to have made use of the RRSP Home Buyer’s Plan (48%).
37% vs.
32% in 201731% in 2015
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Half of FTBs receive support from gifts, loans or low/no rent with differing impacts on prices
17
37%
32%
31%
Received gifts,loans from family
2019
2017
2015
14%
8%
3%
Did not pay rent athome
Paid rent belowmarket rates
Lived where didn'tpay rent
25%
Key Differences:
Half (52%) received support in the form of loans/gifts (37%) or low/no rent (25%). Fully 10% received both. 27% got neither.
Those in Toronto (46%), Vancouver (42%) and Calgary (40%) are more likely to have received gifts/loans. Those in Vancouver (34%) and Toronto (32%) are more likely to have lived with low/no rent.
2019 GiftsLow/
no rentBoth Either Neither
Price paid for your homeMean
Median $406$350
$429$394
$406$350
$453$387
$413$374
$399$340
Total down payment for your home
MeanMedian
$80$50
$92$50
$91$50
$112$71
$88$50
$77$40
Size of the mortgageMean
Median $326$323
$337$302
$314$275
$342$283
$325$295
$322$280
Down payment as proportion of the total cost of the home
MeanMedian
17.9%14.0%
18.9%16.0%
20.4%19.0%
22.9%20.0%
18.8%16.0%
16.9%12.0%
Those getting gifts made larger down payments, buying more expensive homes
Those benefiting from low/no rent made larger down payments but did not buy more expensive homes
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Half who received a gift/loan say that without it they would have delayed buying a home until they had saved a larger down payment by themselves
18
If received gift/loan from family or line of credit: If you had not been able to obtain gifts or loans from family members or other financing beyond your own savings and RRSPs, which of the following would you have done?
32%
51%
15%
I would buy my home but wouldhave made a smaller down
payment
I would delay buying a home untilI had saved up a larger down
payment myself
I would not delay, but would seeka lower priced home (smaller, or
located further away) with a downpayment I could afford
Key Differences:
Those in Quebec outside of Montreal are ore likely to say they would have bought their home with a smaller down payment (43%)
Among those who received gift/loan from family or line of credit, n = 800
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Respondents are almost evenly split in their opinion of putting less than 20 percent down payment if longer amortization had been available
19
If down payment 20% or more: Although you put down 20 percent or more for your current home, how likely would you have been to put down less than 20 percent if longer, 30-year amortizations had been available to allow you to afford a more expensive home or to reduce your monthly payment?
19%
31%
18%
26%
6%
Very likely
Somewhat likely
Somewhat unlikely
Very unlikely
Don’t know/not sure
Key Differences:
Those who are more likely to have considered putting down less than 20 percent if a longer amortization had been available include those in Toronto (57%) and Montreal (64%).
Those in Ontario outside of Toronto (54%) and Quebec outside of Montreal (55%) are less likely to have said they would have done so.
Net: Likely
49%
Net: Unlikely
45%
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Six in ten say it would have been likely for them to use a 30-year amortization with a down payment of less than 20 percent
20
If paid $750,000 or more: Currently, those whose home costs more than $1 million are ineligible for mortgage insurance and must make down payments of at least 20 percent. If the rules had permitted it at the time when you were shopping for homes, how likely would you have been to prefer to use a 30-year amortization with a down payment of less than 20 percent to allow yourself to purchase a home valued at $1 million or more?
17%
42%
17%
13%
12%
Very likely
Somewhat likely
Somewhat unlikely
Very unlikely
Don’t know/not sure
Net: Likely
59%
Net: Unlikely
30%
Key Differences:
Due to small sample size, there are no notable subgroup differences.
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
All mortgage info sources become more important
22
77%
75%
69%
69%
59%
59%
59%
57%
43%
40%
39%
37%
74%
70%
66%
65%
53%
56%
52%
54%
39%
34%
36%
33%
73%
71%
66%
64%
61%
55%
52%
48%
35%
30%
35%
31%
Mortgage broker/specialist
Family/friends
Bank/credit union representative
Real estate agent
Internet (personal financewebsites/media)
Internet (lending institution)
Financial planner/advisor (not affiliatedwith the lending institution)
Mobile Tools (for example Apps, onlinecalculators, etc.)
Builder/developer
Social media (personal finance blogs)
Traditional media (newspapers,magazines)
Attending a local home show
2019
2017
2015
How important were each of the following sources of information to you in helping you learn about your mortgage options?
Key Differences:
Those in Vancouver, Toronto, and Montreal are each more likely to have relied on bank/credit union reps, real estate agents, personal finance websites, lending institution websites and financial advisors.
Those in Calgary, Alberta outside of Calgary and Manitoba/Saskatchewan are more likely to have relied upon family/friends.
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Two-thirds say they consulted a mortgage specialist at a bank or credit union
23
Which of the following did you work with to obtain your mortgage for your home?
68%
29%
66%
31%
66%
31%
Mortgage specialist at a bankor credit union
An independent mortgagebroker 2019
2017
2015
Key Differences:
Those in Vancouver (76%) and Quebec outside of Montreal (72%) are more likely to say they used a mortgage specialist at a bank or credit union, as are those aged 35+ (73%), those with children (71%).
Those more likely to use an independent mortgage broker include those in Alberta (35%).
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Reasons for using a Mortgage Specialist or Broker
24
45%
19%
35%
16%
14%
18%
23%
10%
23%
18%
10%
39%
12%
9%
9%
29%
11%
27%
27%
14%Bank/CU
Broker
Key Differences:
Those working with a mortgage specialist at a bank or credit union are more likely to cite convenient location (16% vs. 9%) and incentives offered (13% vs. 9%).
Those working with a mortgage broker are more likely to cite:
The interest rate offered (43% vs. 35%)
The expertise/knowledgeability of the lender (30% vs. 19%)
Recommendations by family/friends (43% vs. 23%)
Recommendations by the real estate agent (28% vs. 14%).
It is my main financial institution
I have other financial products with that institution (e.g., credit cards, car loans,
investments, etc.)
The interest rate offered
Product features (e.g., lump sum payments, skip payments, etc.)
Incentives offered (e.g., cash, loyalty reward points)
Convenient location
Expertise/knowledgeability of the mortgage lender
A mortgage specialist offered to come to my home
Recommended by family/friends
Recommended by my real estate agent
Ability to provide info in my home country’s language (i.e., other than French or English)
Why did you choose to work with the mortgage brokerage firm or bank or credit union that you chose?
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
All mortgage features becoming more important
25
Key Differences:
Those in Toronto are more likely to say important mortgage features include longer or shorter amortization periods (80%), access to home equity (74%), cashback (66%), energy saving mortgages (62%), mortgages for self-employed workers (55%), and mortgages for non-primary residences (59%).
Those from Ontario outside of Toronto are more likely to say payment flexibility/prepayments (89%).
Those in Vancouver are more likely to say access to home equity is important (75%).
Among new Canadians, those in B.C. outside of Vancouver are more likely to cite new to the country provisions (100%).
88%
85%
81%
72%
67%
66%
55%
53%
46%
46%
86%
81%
77%
61%
63%
49%
47%
39%
40%
87%
84%
81%
57%
60%
47%
43%
35%
34%
2019
2017
2015
Available fixed or variable interest rates
Payment flexibility or prepayments allowed
Available open or closed mortgages
Longer or shorter amortization periods
New to the country provisions (base n=220)
Access to Home Equity
Cashback
Energy saving mortgages
Mortgages for self-employed workers
Mortgages for non-primary residences
How important were each of the following mortgage product features to you when deciding on your mortgage options?
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Increased proportion of those who used a different lender
26
Key Differences:
Those in Quebec outside of Montreal (53%) are more likely to use their primary financial institution.
45%
54%
45%
51%
48%
49%
Same lender as mainFinancial Institution
Different lender as mainFinancial Institution
2019
2017
2015
TotalMort. Spec. at bank/ CU
Indep. Mort. Broker
Same as Main FI 46% 55% 21%Different FI 53% 44% 77%Don't know 1% 1% 3%
Please indicate which of the following is your main financial institution, where you have a chequing/savings account and debit card, and which is the financial institution you obtained your mortgage from?
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
More than half plan to renew with their current provider when their term ends
27
When your current mortgage term ends, will you be most likely to…?
55%
20%
7%
18%
57%
19%
7%
17%
53%
21%
6%
20%
Renew with your currentmortgage provider
Seek a different mortgageprovider
You will not need to renew asyour mortgage will be
completely paid off
Don’t know
2019
2017
2015
Key Differences:
• Those in Montreal (35%) and Quebec outside of Montreal (27%) are more likely to say they will seek a different provider.
• Those working with a mortgage specialist at a bank are more likely to say they will renew with their current provider (61%), while those working with an independent mortgage broker are more likely to say they will seek a different provider (28%).
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
31%
27%
24%
32%
28%26%
201920172015201920172015
Planned Already done
Double-up, or increase the amount of your bi-weekly/ monthly mortgage payments
Make a larger, once a year lump-sum payment
Equal proportion of those who have doubled-up or increased their mortgage payments and those who have made a larger, once a year lump-sum payment
29
Key Differences:
Those in Toronto are more likely to say they have made lump-sum payments (40%), and those in Ontario outside of Toronto are more likely to say they have made double up payments (35%).
In the past year, have you done either of the following to pay off your mortgage faster?
36%34%33%
42%
37%
40%
201920172015201920172015
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Over half say they have been able to pay their bills and save money over the past year
30
Thinking of your financial situation over the past year, which of the following most accurately reflects your situation…?
53%
33%
8%
3%
53%
32%
9%
3%
50%
34%
9%
4%
Able to pay all your bills &save some money
Managed to pay all of yourbills/savings did not grow
Had to draw on yoursavings to pay all of your
bills
Had to borrow money toget by 2019
2017
2015
Key Differences:
Those in Calgary are more likely to say they were able to pay all their bills and save some money (62%).
45%
38%
11%
5%
Gen Pop
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Key Differences:
Those more likely to say their financial situation improved compared to this time last year include those in Ontario outside of Toronto (48%)
44%
47%
9%
42%
49%
9%
43%
47%
9%
Improved
Stayed the same
Gotten worse 2019
2017
2015
Slightly more say their financial situation has improved
31
Compared to this time last year, has your financial situation…
24%
58%
16%Gen Pop
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Slightly more say they have a lot of confidence in their long-term financial health
32
For each of the following, please indicate if you strongly agree, somewhat agree, somewhat disagree or strongly disagree….
Key Differences:
Those more likely to say they have a long-term financial plan include those in Ontario outside of Toronto (82%)
Those in Toronto are less likely to say they have a lot of confidence in their long-term financial health (77%)
I have a lot of confidence in my long-term financial health
I have a long-term financial plan for retirement that I am
working towards
I am concerned about making ends meet month to month
83%
76%
43%
81%
76%
41%
79%
73%
39%2019
2017
2015
61%
58%
37%
Gen Pop
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Stable self-reported Financial Fitness trend
33
Which of the following best describes your Financial Fitness?
22%
50%
21%
6%
1%
24%
47%
24%
4%
2%
23%
48%
23%
5%
2%
I am in great financial shape - Ihave set clear financial goals that I
am well on the way to achieving
I am in pretty good shape - I have ageneral notion of what I want toachieve with my finances, and
things are more or less going in theright direction
I am neither in great shape nor poorshape - I try to save when I can, but
I don't seem to be getting ahead
My financial fitness is not very good- I know that I haven't been able toachieve the financial goals that I
think I should have by now
My financial fitness is very poor - Ifeel like I am always falling behindand/or that I don't know where to
turn for help
2019
2017
2015
Key Differences:
Those who are more likely to say their Financial Fitness is great/good include those in Montreal (79%) and Calgary (78%).
Net: Good72%71%71%
13%
39%
30%
12%
5%
Gen Pop
52% Gen Pop
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Those remaining are in great shape
34
First-time homebuyers are in much stronger Financial Fitness than the general population, and the gap is widening
18%
31%
35%
12%
4%
17%
20%
28%
22%
13%
Looking Great
Looking Good
Managing
Vulnerable
Alert
First-Time Buyers
General Population
49% FTB37% Gen Pop.
16% FTB35% Gen. Pop.
G E N W O R T H C A N A D A H O M E O W N E R S H I P E D U C A T I O N W E E K 2 0 1 9
Conclusions
36
Affordability challenges and stress tests are keeping growing numbers from first-time homeownership – only those in top financial shape remain.
1
Growing numbers rely on parental support and have had to compromise with smaller, more affordable choices than they would have preferred.
2
Many would have preferred the choice of longer amortizations; and the ability to buy a home priced over $1 million with less than 20% down and a longer amortization.
3
Have the rules gone too far?4