Greetings,
I trust you are well. I endeavour to update you with the latest news, insights, and research relating to all things real estate. This year has proven to be a year of slumping sales and an increasing buildup of the available housing stock, thanks in part to the fallout of the American election, the continuing uncertainty surrounding the imposition of tariffs and the resultant residual fallout effects. As the market sentiment wanes, it seems like a reasonable time to take stock and reflect on trends that have motivated those who have made the move over the past 5-6 months.
2025 CMHC: Mortgage Consumer Survey Key Insights:
First-time Homebuyers:
- 64% rented for an average of 6.3 years before buying their first home.
- 28% thought the most valued person in the homebuying team was the real estate agent
- 54% shared their home purchase with someone other than their partner or spouse
- 65% paid the maximum they could afford
Main Reasons to Buy:
49% were financially ready
41% saw it as an investment opportunity
38% wanted to upsize to a larger home
Top Reasons to Renovate:
Reason In the past 3 years In the next 5 years
Customize home 40% 47%
Increase the value of the home 36% 37%
Fix a safety issue / maintenance 31% 27%
Make home more energy efficient 24% 31%
Add suite / accommodation 34% 28%
Key takeaways
Attitudes towards homeownership remain favourable, with 79% of homebuyers believing homeownership is a good investment for their future.
71% of homebuyers believe their home's value will increase over the next 12 months.
74% feel that they received the best mortgage for their requirements.
Please get in touch with me with any questions about the aforesaid indexed items or the current real estate market conditions.
Best, Arran
Are you looking to buy or sell a home?
Please call me at 250-884-3980, and I can give you the expert guidance and help you need to make informed decisions and achieve your housing goals.
First-Time Home Buyer?? Call me at 250-884-3980 to chat about the ZERO-DOWN FINANCING OPPORTUNITY! *Some exceptions apply*
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