Sunday, February 16, 2020 / by Mark Silenzi
2019 Key Findings
Top 8 Takeaways from the 2019 CMHC Mortgage Consumer Survey
Forty-seven percent of all buyers in 2019 were first-time homebuyers. This represents a significant drop from 56% in 2018.
For most Canadians, affordability continues to be the most important factor when buying a home.
In terms of housing prices, only 60% of buyers spent the maximum amount they could afford. That’s down considerably from 78% in 2018.
However, debt levels are still a challenge for many Canadians. Twenty-three percent of people who bought a home this year said their current debt is higher than they were expecting.
Surprisingly, a full 33% of buyers didn’t have a monthly budget before they bought their home.
There was a significant decrease in the percentage of buyers who wanted a move-in-ready home, down from 11% in 2018 to just 6% this year.
Thirty-two percent of homebuyers don’t expect interest rates to rise next year – up from 20% in 2018.
Most buyers were also familiar with the new federal mortgage qualification “stress test,” with 65% saying they believe the new rules will help keep more Canadians from taking on a mortgage they can’t afford.
For the full findings, download the 2019 CMHC Mortgage Consumer Survey at cmhc.ca/2019MCS.