February 12, 2018
CMHC releases new findings on prospective buyers
In October 2017, CMHC surveyed 2,507 prospective homebuyers online. We have now compiled and released the findings in a report, with infographics, entitled 2018 Prospective Home Buyers Survey.
Who did we survey, exactly?
All respondents were prime household decision makers who intended to purchase a new home within the next two years. Out of the 2,507 respondents:
1,501 were prospective homebuyers who intended to purchase their first home (labeled “first-time buyers” for the Survey)
506 were prospective homebuyers who already owned a home when the Survey was conducted (“current owners”)
500 were prospective homebuyers who had owned a home, but no longer did when the Survey was conducted (“previous owners”)
Why were respondents buying homes?
The responses gathered provided notable findings, including the motivators for buying a home. Among respondents who did not own a home, the most cited reason for buying was to stop renting. Interestingly, among current owners, 21% said that improved accessibility was a motivator for buying.
The proportion of respondents who were buying because doing so was an investment opportunity was smaller. This, however, was still one of the top motivators across all 3 groups of respondents. Another top reason was concern over interest rate increases.
Overall, though, most respondents (80%) felt that homeownership was a good long-term financial investment.
We produce the Prospective Home Buyers Survey, like the annual Mortgage Consumer Survey, as an education tool for mortgage professionals. We also produce it in an effort to support mortgage literacy among Canadian homebuyers and homeowners.
Get the 2018 Prospective Home Buyers Survey (PDF)