TORONTO CONDOS | TORONTO VIP CONDOS | TORONTO PRECONSTRUCTION CONDOS | NEW TORONTO CONDOS | TORONTO CONDO | TORONTO LOFTS | CONDOS FOR SALE | TORONTO CONDOMINIUMS | TORONTO REAL ESTATE AGENT | TORONTO REAL ESTATE

First-time homebuyers stashing away more cash

 

Calmer heads prevail when it comes to first-time home buying, according to one poll that says there's a rise in the number of first-time buyers who are slapping down more than 20 per cent for their down payments.

Fifty-six per cent of Canadians are squirreling away more money to make those down payments, up from 36 per cent last year, says the annual poll by Genworth Canada and the Canadian Association of Credit Counselling Services.

Among first-time homebuyers, the proportion saving for less than two years has decreased by nearly 30 per cent, while the proportion saving for more than five years rose by more than 50 per cent.

"Canadians entering the real estate market are making financially astute choices by saving longer and putting down larger deposits on their homes," Brian Hurley, chairman and chief executive of Genworth Canada, said in a statement.

"They continue to value homeownership and are being responsible about the way they enter into mortgage debt. This trend bodes well for a soft-landing of the housing market."

The federal government tightened mortgage rules last July in a bid to calm the housing sector. The move was the fourth in four years and forced consumers to get a grip on their debt by shortening the maximum mortgage length to make it harder to buy real estate.

On Tuesday, Canada Mortgage and Housing Corp released data that showed the housing market is continuing to cool.

The online survey was conducted on 1,514 Canadians by Environics Research Group in mid-February.

Separately, the Bank of Montreal released a survey on Tuesday that showed Canadians planning to buy their first home in the next five years plan to spend about $300,000, with an average down payment amount of $48,000 or 16 per cent.

Some 66 per cent of first-time buyers say the latest changes to mortgage regulations have not affected their buying timeline, while one-in-five say they will have to wait longer before buying as a result.

Six in 10 have made cutbacks to their lifestyle to save for their first home, with just one-in-four expecting their parents or other family members to help them pay for their first home, the BMO survey showed.

 

Join Our Mailing List

*

*

*

* Required

Upcoming Condos

Lighthouse East Tower Condos M City Plaza Midtown home (Power+Adelaide) Canvas Condos MAX Condos AYC Condos Cosmos Condos 3 Vita On The Lake Brownstone at Westown Phase 2 Unionville Glen Townhomes Sail Condominiums The Southwood By Streetcar Whitehaus Condominiums Sonic Condos York Condos Downtown Markham Daniels Waterfront Lighthouse Condos Briar Hill City Towns The Rosedale on Bloor Condos The Village Residences Pier 27 Condo 158 Front Condos On The Danforth Condos Modern Manors Townhomes Spice Urban Towns on Danforth Rd. Spring Valley Junction Homes Art Shoppe Loft + Condos The Bartholomew Condos Claridge Gate Upper Thornhill Townhomes Vida Condos Lindvest Brownstone Townhomes The Lighthouse Tower Condos Chelsea Maple Station Townhomes Park Avenue Place Condos Beacon Condos Design Haus Condos CityLights on Broadway The Ravine Condos Lotus Condominiums at Bayview Village Harmony Village Condos Soul Condos Minto West Side Condos Marquette Urban Towns The Colours of Emerald City Homes at Don Mills Patricia Homes At Bathurst & Steeles Omega On The Park The Ossington Town Homes Zigg Condos St.Clair West Riverside Square Lofts on Queen Enigma On the Park WQW Condos The Yorkdale Condominiums Vox Esta Gardens The Eglinton Islington Terrace 488 University Canary Park 11 Wellesley St Dundas Square Condos Totem Condos YC Condos Forward Condos Core Condos SQ Condos One Park Place South Tower Garrison Point Condos Aqualina Bayside 2221 Yonge Condos Monde Condos Park Towns Ny2 Condos Casa 3 Condos Harbour Plaza Condos 383 Sorauren Yonge-Rich Condos Musee Condos 155 Redpath Westlake Encore The Opus 365 Church Condos The Mark Condos King Blue Condos The College Epicurean High Park Residences Park Tower at IQ Vero Condos Ten York One Park Place Fashion District Condos Cinema Towers Diva Condos The Britt Residences 101 Erskine Condos Waterways Condo River City 3 460 Yonge 501 Yonge Condos 609 Sherbourne Condos eCondos Carnary District The Carnaby Lofts NIOR Condos SkyCity Condos 88 Scott Condos Eau Du Soleil Condos Tux Condos The Massey Tower Condos Sixty Colbourne Condos TAO Condos Flair Condos Xpression Condos Maestro Condos Grand Palace One Eleven The Brant Park Condos Edge Triangle Park Condos Nexus Condos