First-Time Buyers Want Single Family Homes

A survey conducted on behalf of Genworth Canada by Environics Research Group found that the majority of first-time home buyers in Canada between the ages of 25 and 40 who bought their home within the last two years purchased a fully detached home.

Just over half those polled or 55% bought a fully detached home, while 17% chose a condo, 15% a townhome and 13% a semi-detached house.

However, the percentage of home buyers who bought a fully detached home was different from province to province. Most of the buyers who chose single-family homes were in Quebec and the Atlantic provinces, while 51% of those in Ontario chose single-family homes.

The reasons for buying a home were diverse, with the most popular reason being that it’s a wise financial decision (53%), followed by that they had saved enough for a down payment (47%).

Dislike of renting a home fell in the middle of the list at 32%, while wanting to buy a home before prices increased further followed at 31%.

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