Why do buyers buy?
So, what is the top motivator for people who plan to buy a home?
Survey says! They want to stop renting. 65% of first time buyers and 60% of previous owners cite this as one of their top-3 reasons for wanting to buy.
Other top motivators include: concern over interest rate increases and taking advantage of an investment opportunity. Overall, 80% of respondents feel home ownership is a good long term investment.
There’s an interesting indicator that suggests that our aging population is influencing the market: 21% of current owners indicated they want to get another home because they want improved accessibility – that is, fewer physical obstacles and barriers.
You can locate the full CMHC report here: https://www.cmhc-schl.gc.ca/en/hoficlincl/moloin/sure/prospective-home-buyers.cfm