2025 CMHC Mortgage Consumer Survey

Main Reasons to Buy

One in 5 first-time homebuyers cited the desire for a home with a secondary suite — whether for family or rental income — as a key reason for their purchase. On average, it took them 3.7 years to save for a down payment.

• 49%

  were financially ready

• 41%

  saw it as an investment opportunity

• 38%

  wanted to upsize to a larger home

Unexpected Expenses

Last year, 78% of first-time homebuyers used savings to cover unexpected expenses, but this year, only 50% relied on savings. Instead, credit facilities have become the primary source, with 58% using them to manage unexpected costs.

• 35%

  lawyer or notary fees

• 33%

  immediate repairs

• 31%

  home inspection

Sources of Down Payment

Financial gifts, averaging $74,570, help many first-time homebuyers with their down payment. However, 80% said they could have bought a home without the gift, with some compromises.

• 41%

  used gifts or inheritance

• 39%

  used savings outside of an RRSP

• 38%

  used savings from within a tax-free first home savings account (FHSA)

Attitude Towards Homeownership

• 79%

  believe that homeownership is a good long-term financial investment

• 74%

  are confident that they got the best mortgage deal for their needs

• 71%

  believe the value of their home will increase in the next 12 months

Renovations

Renovation trends are on the rise, with half of first-time homebuyers completing renovations within the past 3 years. Looking ahead, 74% plan to renovate in the next 5 years (excluding those who don’t know).

Main Reasons to Buy

Many repeat buyers were motivated by being financially ready, upsizing, life changes and the investment opportunity. However, concerns about rising house prices were also a factor.

• 46%

  had a change in living situation or marital status 

• 42%

  were financially ready

• 40%

  were upsizing to a larger home

Unexpected Expenses During the Homebuying Process

• 36%

  immediate repairs

• 33%

  lawyer or notary fees

• 31%

  land transfer tax

Sources of Down Payment

Financial gifts, averaging $103,382, also assist some repeat buyers. That said, 67% would have still bought their home without the gift, with some concessions.

• 56%

  used equity from a previous home

• 32%

  used savings outside of an RRSP

• 20%

  used a gift or inheritance

Attitude Towards Homeownership

• 80%

  believe that homeownership is a good long-term financial investment

• 72%

  are confident that they got the best mortgage deal for their needs

• 68%

  believe the value of their home will increase in the next 12 months

Renovations

While 39% of repeat buyers have renovated in the past 3 years, 68% plan to renovate within the next 5 years (excluding those who don’t know).

Attitude Towards Homeownership

• 82%

  believe that homeownership is a good long-term financial investment

• 75%

  are confident that they got the best mortgage deal for their needs

• 75%

  believe the value of their home will increase in the next 12 months

Renovations

While 54% of renewers have renovated in the past 3 years, 74% plan to renovate within the next 5 years (excluding those who don’t know).

Main Reasons for Refinancing the Existing Mortgage

Financial reasons drove refinancing, but renovations remained an important driver.

• 28%

  wanted to fund home improvements/renovations

• 22%

  wanted to reconcile debts

• 14%

  wanted to decrease the amount of the mortgage payments

Attitude Towards Homeownership

• 79%

  believe that homeownership is a good long-term financial investment

• 72%

  are confident that they got the best mortgage deal for their needs

• 70%

  believe the value of their home will increase in the next 12 months

Renovations

While 66% of refinancers have renovated in the past 3 years, 77% plan to renovate within the next 5 years (excluding those who don’t know).