Recent Survey Profiles Canadian First-Time Homebuyers

fthome.jpgA recent report by Genworth Financial profiles the first-time homebuyers market in Canada using results from a survey it conducted in December 2007 among 963 Canadians who recently purchased their first home, or were intending to do so.

Here are some highlights:

  • Canadian first-time home buyers remain confident in the stability of the housing market and are not overly concerned about the potential for declining home values.
  • The top concerns identified by respondents are high monthly payments (63%), rising interest rates (59%) and increasing property taxes (56%).
  • 68% of first-time buyers would prefer a newer home, and 65% want a modern, open floor plan
  • Roughly half of respondents (52%) sought 5-year mortgage terms, with almost one-quarter (23%) preferring terms of seven years or more.
  • Roughly 48% of respondents were very likely to use the Internet to research the homebuying process or to search for the neighbourhood that meets their needs and lifestyle

For complete details, check out the Genworth Financial Canada website or click here to access the report directly.

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