Tighter mortgage lending rules, in conjunction with the fallout of the US housing meltdown and the European debt crisis, have triggered a shift in the Canadian homebuyer mix and mindset.  The new Canadian real estate consumer is experienced, fiscally-responsible, and ready to move forward over the next 24 months.

That’s the takeaway from the RE/MAX Canadian Homebuying Trends Survey conducted among more than 1,100 prospective purchasers late last year.

National findings include:

  • Almost one in five purchasers is single
  • More than two-thirds are second or multi-time purchasers
  • Four out of 10 purchasers between the ages of 18-34 have a downpayment of 20 per cent or more
  • Just over 80 per cent of buyers believe housing values in their area will rise or remain the same

Spending will be reined in—with 38 per cent of purchasers indicating they’ll spend under $250,000 and 42 per cent indicating they will spend between $250,000 and $500,000. In Ontario, fewer buyers will fall under the $250,000 price point—at 31 per cent—and more buyers will be active between $250,000 and $500,000—45 per cent.

Greater fiscal responsibility is evident across the board.   In fact, 40 per cent of younger purchasers, aged 18 to 34, are expected to put down 20 per cent or more.  Serious equity gains have been a contributing factor.

Homeownership remains a key component of the Canadian Dream.  It’s a common thread among all Canadians—a goal to which we aspire—and that’s not likely to go away anytime soon. 

“Seller or Buyer…Call Dale Dyer”

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