TD Canada Trust has just released their 2010 Home Buyers Report. This is the first TD Canada Trust Home Buyers Report which surveyed Canadians who have purchased their first home in the past 2 years or who intend to purchase a home in the next 2 years.
Key findings show:
Nearly all home buyers are making informed financial decisions before buying their home by learning about mortgage options (93%), getting pre-approved (91%), calculating closing costs (88%) and estimating utility costs (85%)
Land transfer tax, closing costs and legal fees were the top three costs that buyers felt unprepared for (48%, 47% and 47% respectively).
Nine-in-ten first time buyers took out or expect to take out a mortgage for their home and of these buyers, only 30% plan to or have more than a 20% down payment.
70% will require their mortgage to be insured by organizations like the Canada Mortgage and Housing Corporation (CMHC).
Most buyers report putting down as much as they can afford for a down payment (88%) and fifty-seven per cent say they saved or plan on saving for two years or less for their home purchase.
Price is the most important factor when considering what kind of home to buy (99%)
*The full 2010 TD First Time Home Buyers Report can be read here.