Canadians take their time before buying a home
A home is often the biggest purchase you’ll ever make, and as a new survey shows, Canadians are taking their time before buying.
According to the Canada Mortgage and Housing Corporation’s annual mortgage consumer survey, it takes Canadians about a year before they decide to put money down to buy a home. And as many as 88 percent say they had a clear picture of how much home they could afford before buying.
"Buying a home is one of the biggest financial decisions most Canadians will make in their lifetimes," said Pierre Serre, vice president of CMHC's insurance product and business development. "CMHC is committed to supporting homebuyers throughout their decision making process."
The survey also found Canadians are concerned about paying down their mortgages. For instance, three out of every four homebuyers said it was important for them to pay off their mortgage as soon a possible, with nearly 40 percent saying they paid more than the minimum amount each month.
Home insurance may be another important purchase for homeowners, as the plan they choose determines how well their property is covered in the event of a loss.