In part two of a survey conducted by Canada Mortgage and Housing Corporation (CMHC) across ten major centres in Canada, they found six percent of households purchased a home in 2008, down slightly from 7% in 2007.
The survey further stated:
• Across five of the ten markets surveyed, Halifax, Montreal, Toronto, Calgary and Vancouver, 17% of those who purchased primary residences in 2008 were between the ages of 18 and 24 years, while 16% were between the ages of 25-34 and 8% were between the ages of 35-44.
• First time buyers accounted for 36% of the households who purchased in 2008 (42% in 2007.)
• Seventy percent of those respondents, who had previously owned a home, bought one worth more than their previous home while only 19% purchased a home worth less. 59% of those previous owners upgraded to a large home and 25% purchased a smaller home.
• 73% of households purchased an existing (resale) home. 23% purchased a newly built home (down from 27% in 2007.) Single-detached accounted for more than 50% of the home purchases; while the remaining 50% was pretty much split equally amongst semi-detached, row/townhouses and apartments in 2008.
• 25% of respondents who purchased a home last year, bought a condo, with the majority of homebuyers aged 65 and up buying condominiums last year. 37% of householders between the ages of 55-64 purchased a condo in 2008 (43% in 2007.)
• In the ten major centres participating in the survey, 5% of households intend to purchase a primary residence in 2009. This is down slightly from 2008 at 6%.
• The majority (59%) of intended purchasers of a home in 2009 are currently renting.
• Of those householders who plan to buy a home in 2009, most plan to buy a single detached home (55%). A majority of those intending to buy in 2009, plan to buy an existing home. 50% of those intending to buy a home in 2009 plan to purchase a larger home; 23% intend to purchase a smaller home and 25% intend to buy a similar sized home compared to what they have now. 57% of those intending to buy in 2009 are 25-44 years of age.
• Of those intending to buy in 2009, 22% plan to purchase a condo; and of those, the majority is age 65 and older.
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg