If you’ve ever wondered about what motivating factors are considered by Canadians, driving them to buy homes, here is a recent report released by the Canadian Mortgage and Housing Corporation (CMHC) that takes a look at our major metropolitan centres. Here are some of the summary results, followed by the survey itself.
- In both Vancouver and Toronto, 48% of homebuyers respectively spent more than they budgeted on their home purchase while only 24% of homebuyers in Montreal exceeded their budget.
- About 55% of buyers experienced a bidding war in Toronto and Vancouver, which is much larger than the 17% recorded in Montreal.
- 68% of respondents in Vancouver believe foreign investors have a lot of influence in driving up home prices while 48% of respondents in Toronto believe foreign investors have a lot of influence driving up home prices.
- Statistics Canada reported the share of non-resident ownership across all properties is 4.8% in Vancouver and 3.4% in Toronto.
- In Vancouver the influence of investors is perceived to be stronger than conventional factors such as supply constraints and demand side factors.
If you are considering getting into the housing market, or climbing the property ladder, please don’t hesitate to contact me anytime!
Here is the full report from CMHC.