A Look at First-Time Homebuyers
More than 80 per cent of first-time buyers (who purchased a home in the past two years) and those who intend to buy (in the next two years) said they are confident in their financial future, according to a study by Genworth Financial Canada. In comparison, only 63 per cent of those who do not own a home said they felt good about their long-term finances.
The study also found that:
- 92 per cent of respondents said that homeownership may mean more work and effort but it's worth it.
- 68 per cent have the goal to pay off their mortgage as fast as possible.
- 62 per cent said they were more likely to have a long-term financial plan for retirement.
- 69 per cent said they expect their financial situation to improve in the next year.