January 2014

An estimated 4 million Canadians plan to get a mortgage in the next five years. First-time home buyers will make up the largest segment of this market, so understanding how their needs differ from the general population is key to attracting them. Learn more about how this group researches and makes decisions.


<p>Meet Canada's Mortgagors</p> <p>First-time home buyers are moving on up</p> <p>14% of Canadians plan on getting a mortgage within the next five years: That's 3.8M Canadians</p> <p>20% will be first-time home buyers</p> <p>40% will start reaching more than 6 months prior to purchase</p> <p>20% will start researching less than 1 month prior to purchase</p> <p>68% will search online for mortgage info</p> <p>32% of first-time home buyers will use a mobile device to search mortgage info</p> <p>69% of home buyers say that pre-qualifying is important when choosing a mortgage provider</p> <p>On average, home buyers will look at 4.6 lenders before choosing a mortgage provider</p> <p>New mortgagors in the next 5 years are planning to purchase:</p> <p>28%: detached</p> <p>16%: semi-detached</p> <p>12%: condominium</p> <p>7%: multi-family</p> <p>7%: townhouse</p> <p>6%: land</p> <p>3%: mobile home</p> <p>21%: other</p> <p>Where do Canadians who plan to take out a mortgage in the next 5 years currently live?</p> <p>54%: a place they own</p> <p>32%: rental</p> <p>10%: with parents</p> <p>2%: student residence</p> <p>30% of Canadians will have a down-payment of more than 30%</p> <p>42% of first-time buyers will have a down-payment of less than 10%</p> <p>Most Canadians save 1-2 years for a down-payment</p> <p>30% of first-time home buyers (25-35 year olds) view their upcoming home purchase as a financial investment vs. home</p> <p>33% will keep their property for 4 years or less</p> <p>56% of home buyers (45+ years old) view their upcoming purchase as a home vs. financial investment</p> <p>70% will keep their property for 10+ years</p>