2021 First-Time Homebuyer Survey & Financial Fitness Study Findings Released
Results from the 2021 First-Time Homebuyer Survey & Financial Fitness Study show that Canadian homeowners are showing their strongest financial fitness to date. This annual study, conducted by Environics Research for Sagen, in collaboration with the Canadian Association of Credit Counselling Services and Royal LePage, provides a snapshot of Canadians’ homeownership attitudes and financial fitness.
Many first-time intenders are expecting to buy a home farther away from where they work.
The study heard from Canadians aged 25-40 who either purchased their first home within the past two years, or plan to do so in the next two years; and provides insight into the financial fitness of those who are intending to enter, or are just entering, the homebuying process. Findings show that COVID-19 has had a major impact on buyers and intenders, with some saying it helped them save and buy their home sooner than expected. Compared to recent buyers, intenders anticipate paying higher prices; and are more likely to want a detached home, and see their first home as a permanent home rather than a starter home. Many first-time intenders are expecting to buy a home farther away from where they work.
The results of this study have been summarized in the infographic below and presentation slides.
Those interested can also register to view a recent presentation from Environics Research Group VP of Financial Services David MacDonald, answering questions about the buyers’ decision-making process and what considerations were important to them as a result of COVID-19.
About the Study
A total of 1,856 interviews with Canadians aged 25-40 who either purchased their first home within the prior two years or plan to in the next two years. Online interviewing was completed between February 17 and March 16, 2021. Quotas were set to oversample in urban regions with weighting to bring them into overall national representative distributions.
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