Over 40% of First-Time Homebuyers in Toronto Are Under 35
Statistics Canada has released the second wave of data from the 2018 Canadian Housing Survey (CHS), providing insight into first-time homebuyers in Canada.
The report, which was released on Tuesday, takes a look at how many households bought their first home within the last five years, a household’s reason for moving, and selected household and dwelling characteristics in different housing markets.
According to the report, just over 1.3 million, or 9%, of Canadian households bought their first home within the last five years. However, the type of home these buyers bought depended on where they lived.
As for what influenced them when choosing a home, the report said rising home prices in certain markets over the past decade, changes in mortgage underwriting rules, and shifts of the housing stock toward multifamily dwelling constructions were among the main influencers.
On a national level, just over half of first-time homebuyers (52.9%) bought a single-detached home within the previous five years.
However, in Canada’s three largest census metropolitan areas (CMAs), that rate is much lower, at 38.1% in Montreal, 26.4% in Toronto, and 21.4% in Vancouver.
What motivated first-time homebuyers to enter the market? The report said two-thirds cited “to become a homeowner” as their top reason for entering the housing market, while one-quarter reported “to upgrade to a larger or better quality dwelling” or “to form own household.”
Families accounted for about three-quarters of first-time homebuyers nationally and in the CMAs of Toronto and Montreal, compared with just over two-thirds of first-time homebuyers in Vancouver.
About half of first-time homebuyers nationally and in the CMAs of Montreal and Vancouver were under the age of 35, compared with 41.2% of first-time homebuyers in Toronto.
Check out the infographic below to learn more about first-time homebuyers in Canada.