Although the figure has been decreasing for the last four years, 37 per cent of people feel concern or uncertainty when they buy a home in Canada, according to a survey by the Canada Mortgage and Housing Corporation. The government agency conducts annual surveys to learn about Canadians’ attitudes when they acquire, renew or refinance the mortgage to pay for a property.
Most home buyers were confident they could cover the mortgage. (iStock)
Most spent the most they could
Respondents said affordability was the most important consideration, ahead of other factors such as type of neighbourhood, proximity to work or overall condition of the house.
Eighty-five per cent of first-time buyers said they spent the most they could afford on the purchase. Still, 60 per cent of first-time buyers and 69 per cent of repeat buyers said they could cover their mortgages if they ran into some kind of financial trouble.
Consumers confident in home as investment
Most (80 per cent) of homebuyers think home ownership is a good long-term investment and 66 per cent think the value of their home will increase in the next year..
More than one in five first-time buyers were newcomers. Almost half were aged between 25 and 34, down from 60 per cent in 2017.
The 2011 census, indicates that 69 per cent of households in Canada own their dwellings. The 2016 census shows that figure dropped to 67.8 per cent. This might be due to the difficulties young people are having in securing full-time jobs and skyrocketing prices of homes in cities like Vancouver and Toronto.
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