An interesting article appeared in the Vancouver Sun early in the month from Peter Simpson that used a survey tabulated by the Canada Mortgage and Housing Corp.
The survey asked a myriad of questions concerning potential first-time home buyers found that housing affordability in Vancouver is turning into a problem. But Vancouver might not be alone, it could include the rest of Canada and our market in Edmonton.
Here are the results as printed in the Vancouver Sun:
– 36 per cent of respondents cited high housing prices as the major obstacle preventing them from buying; 19 per cent said insufficient down payment; 12 per cent said economic uncertainty.
– 39 per cent live with parents; 34 per cent rent accommodations.
– 70 per cent of respondents will be purchasing their first home with a partner/spouse; 18 per cent will be buying on their own; 10 per cent indicated they will be buying with a family member.
– 41 per cent said they plan to buy a home within a year; 27 per cent said within six months; 16 per cent said within the next two to three years.
– 26 per cent plan to buy a townhouse; 25 per cent want to buy a single-detached home; 22 per cent indicated their preference was a low-rise condo; 18 per cent said they want to buy a highrise condo.
– There was no clear preference on home size, although only 12 per cent of the respondents indicated less than 800 sq. ft; 18 per cent said 800 to 1,000 sq. ft; and 20 per cent said 1,000 to 1,200 sq. ft
– 45 per cent needed two bedrooms, while 32 per cent wanted three bedrooms.
– 14 per cent indicated the maximum price they intend to pay for their first home is less than $300,000; 26 per cent said between $300,000 and $350,000; 15 per cent said $350,000$400,000.
– 25 per cent of respondents plan to use a down payment of five per cent; 25 per cent have 10 per cent down; Eight per cent have 15 per cent down; 25 per cent have 20 per cent down.
– 68 per cent said they would use a realtor recommended by family or friends. Eight per cent said they would find a realtor through online research, and only two per cent said a realtor’s advertising presence would influence their decision.
– 86 per cent of the respondents believe a builder’s reputation will influence their decision to buy.
– 48 per cent said they will use their RRSPs towards the purchase of their first homes.
– 93 per cent said they would check the Homeowner Protection Office’s online registry for information on whether a new home has home warranty coverage.
– 10 per cent of the respondents were aged 20-24; 52 per cent were 25-34; 18 per cent were 35-44. 12 per cent were 45-55.
So, where do you stand?
Post written by Alexis Hlady
