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New Canadian buyers are entering the market—but not without challenges

A new wave of first-time buyers is stepping into Canada’s housing market—armed with family support and plenty of financial pressure.

According to CMHC’s latest Mortgage Consumer Survey, first-time buyers now make up 12% of all mortgage activity, up from 10% last year. Many are optimistic—74% believe buying is a good investment—but they’re also maxing out their budgets and leaning on financial gifts to make it work.

Here’s what else is interesting:

📱 Digital tools are the norm.
85% compared interest rates online, 82% used mortgage calculators, and 71% got pre-approved virtually. YouTube even beat Facebook as the top social platform for housing content.

💬 But tech doesn’t replace human advice.
Real estate agents were ranked the most valuable person in the process—especially among first-time and repeat buyers.

🎁 Gifts are helping—but with strings attached.
Gifts and inheritances played a major role, with 41% of first-time homebuyers receiving one—averaging $74,570—towards their down payment. Most said they could have bought a home without the gift, but only with some concessions.

💰 Affordability is still the biggest hurdle.
Nearly 6 in 10 buyers spent the maximum they could afford. In B.C. and Ontario, that number climbs even higher.

🔧 Surprise costs are rising.
42% of buyers were hit with unexpected expenses—everything from immediate repairs to legal fees—up from 36% last year.

🧠 And financial stress is real.
Half of first-time buyers are struggling with debt payments, and nearly 1 in 6 have missed a mortgage payment.

This paints a clear picture: buyers are motivated, but stretched thin. If you're considering buying—or selling—understanding what buyers are facing can help you navigate your next step with clarity.

P.S. Curious how your home might fit into this shifting market? Reach out and we’ll send over a quick update on your home’s value and buyer demand in your specific area.

Talk soon,
CHRIS, PATRIC, JULIE, JASMINE, KRISTI & BRELL

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