Whether it is renewed confidence in the economy or their own personal financial situation, more Canadians are looking to get into the housing market for the first time.
According to a poll by Genworth Financial Mortgage Insurance Company Canada and the Canadian Association of Credit Counselling Services (CACCS), the number of Canadians planning to purchase their first home has surged from 6% last year to 11% this year.
“Canadians recognize that one of the best steps towards financial security is owning a home,” said Debbie McPherson, senior vice-president, sales and marketing at Genworth.
Of those who are considering a first home purchase in the next two years, the most group likely to take the plunge include those under 35 (14%), those with children (12%) and those with incomes between $75,000 and $99,000 (11%).
Financial confidence also means that more thought is being given to prepare the next generation. Nearly all of those polled felt strongly that children should be taught financial education in school (95%) and 92% said individuals should get educated before acquiring a credit card.
“We are a nation that wants to make sure our children learn the important lesson of being careful with their money so they can one day enjoy financial freedom and perhaps own a home,” said Henrietta Ross, chief executive officer of CACCS. “Before you can buy your first home, getting your finances in order—and learning to keep them that way—is an important step.”
The survey included 1,500 Canadians, and was conducted between January and February of this year by the Environics Research Group.