A portrait of first-time homebuyers

Every year, Genworth Canada surveys first-time homebuyers across the country to get a better understanding of the marketplace for those diving into real estate for the first time.

The 2017 survey results were released recently, and here’s some of the key findings:

  • 71 per cent were renters
  • 41 per cent of buyers purchased a home solo
  • 57 per cent of first-timers bought their home with their partner
  • 41 per cent had kids at the time of their purchase
  • 32 per cent of first-time buyers planned to start a family in the next five years
  • 81 per cent of first-time buyers were born in Canada

For Calgary’s first-time homebuyers, our city’s trends stood apart from major metropolitan centres in Canada in a number of areas. Some interesting numbers for our city:

  • Median price of a first-time home purchase was $385,000
  • 48 per cent of first-timers bought a detached house
  • 19 per cent of first-timers bought a townhouse
  • 21 per cent of first-timers bought a condo

For first-time buyers, here’s five common mistakes to avoid:

  • Going it alone: especially for first-time homebuyers, trying to navigate the real estate market with a REALTOR can be confusing. The money you save on commissions can quickly disappear with a botched deal or unforeseen house issues. A licensed professional will make this process a lot easier and stress-free for you.
  • Shopping with your heart, not your head: while you want to ensure you love the home you’re going to buy, making purchasing decisions on a first impulse is a bad idea. Always do your homework.
  • Going for the ‘fixer-upper’ due to price: buying that older, worn down house just because it’s cheaper, isn’t actually going to save you money in the long run. There are lots of pros and cons to these purchases, but make sure you really take into account the money you’ll have to spend upon purchasing the home.
  • Committing out of your price range: you won’t really run into this issue if you’re using great professionals, but you never want to commit to more than you can afford. Being “house poor” is not the way to jump into homeownership.
  • Not researching the neighbourhood: don’t just take into account the home you’re looking at when doing your research, pay attention to the community and surrounding amenities. You want to think about: your lifestyle, future value and conveniences.

If you are thinking about buying your first home, please feel free to contact us!

Tags: , , , , , ,