The 2011 TD Canada Trust First Time Homebuyers Report found that 45% of Canadians will be buying their first home independently (rather than with a co-purchaser). In fact, nearly six-in-ten men (57%) will buy on their own, along with 33% of women.
While people buying independently don’t have to compromise with anyone about the features, location and type of home they’re looking for, Canadian first time buyers realize they may have to make concessions because the perfect home may not exist – or at least not be in their price range. Encouragingly, price is the factor Canadians are least willing to compromise on. Click here to view the full article.
Traditionally, first time homebuyers were young couples who had saved their pennies for a few years to cobble together a down payment. Increasingly, however, first time buyers are young singles, primarily men, who are eager to make that first step up the real estate ladder and can do so because of historically low interest rates and relatively low minimum down payment requirements. It’s also interesting in this report that one third of first timers plan to buy a home with a rental unit and most of these plan to use the rental income to accelerate the paydown of their mortgage. Duplexes and triplexes that were once seen as investment properties are now also in demand as “live-in and rent” opportunities, and the premium for homes with rentable basement apartments is increasing.