First-time homebuyers and people intending to buy a home in the next two years lead the pack when it comes to financial fitness and confidence.
According to a national survey by Genworth Financial Mortgage Insurance Company Canada in conjunction with the Canadian Association of Credit Counselling Services, 43% of first-time homebuyers say they are in good or great financial shape.
The annual poll asked 1,533 Canadians questions about their financial well-being and revealed that almost one-third of first-timers who purchased a home in the past two years, or those who intend to buy within two years, believe now is a good time to buy. This is up 25% from last year.
These two segments also lead the pack when it comes to financial planning: 64% said they enjoy planning their financial future and 59% said they managed to save for their down payment within two years or less.
Brian Hurley, chairman and CEO of Genworth Canada, said “First-time homebuyers are the engine that will drive the housing market in the next few years.”
As of 9 a.m. yesterday, more than 760 local first-time homebuyers had registered for the Greater Vancouver Home Builders’ Association home-buyer seminar taking place this evening. The 18th annual free seminar is being held 7 p.m-9 p.m. at the Bell Performing Arts Centre, 6250 144 Street, Surrey.
Registrations will continue to be taken until 4 p.m. today. More information at http://www.gvhba.org/buying_seminar.
