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%.