Toronto Loft Conversions

Toronto Loft Conversions

I know classic brick and beam lofts! From warehouses to factories to churches, Laurin will help you find your perfect new loft.

Modern Toronto Lofts

Modern Toronto Lofts

Not just converted lofts, I can help you find the latest cool and modern space. There are tons of new urban spaces across the city.

Unique Toronto Homes

Unique Toronto Homes

More than just lofts, I can also help you find that perfect house. From the latest architectural marvel to a piece of our Victorian past, the best and most creative spaces abound.

Condos in Toronto

Condos in Toronto

I started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite.

Toronto Real Estate

Toronto Real Estate

For all of your Toronto real estate needs, contact Laurin. I am dedicated to helping you find that perfect and unique new home to call your own.

 

Category Archives: Buying Real Estate

One-quarter of first-time home buyers had family help, survey finds

Tamsin McMahon – The Globe and Mail

Typical first-time Canadian home buyers tend to be childless, university-educated couples in their 30s purchasing detached homes, often with a helping hand from their families.

That’s the picture painted by a new survey of 1,800 first-time buyers, released Tuesday by Genworth MI Canada Inc., the country’s largest private mortgage insurer.

On average, first-time buyers spent $293,000 for their home and put down $34,000, for a down payment of 12%.

Comment: Nice to see that the average down payment is not the minimum 5%.

First time home buyers
But those numbers obscure big differences across the country.

More than a quarter of first-time buyers in Canada got a gift or a loan from their families, a number that rises to 35% in Toronto and 40% in Vancouver.

While Vancouver is home to Canada’s most heated and expensive housing market, buyers in Toronto paid the most for their homes ($425,000 compared with $420,000 in Vancouver), put down the largest down payments ($90,000, compared with $75,000 in Vancouver) and took out the biggest mortgages.

Comment: If first time buyers in Toronto are spending $425,000 then they are not buying detached homes.

That’s largely because buyers in Vancouver have been shut out of the market for detached houses.

Nearly half of Vancouver buyers bought condos, compared to 39% of Toronto buyers and just 17% of buyers over all. Half of Calgary buyers purchased a detached house, compared with just 25% in Vancouver and 29% in Toronto.

Torontonians were also the wealthiest buyers, with 40% earning $100,000 a year or more, slightly ahead of those in Calgary. That compared with 32% in Vancouver and 24% in Montreal.

Comment: Which explains why they can afford to buy here.

Despite having big down payments and good salaries, Toronto buyers were also among the most likely to have been living with their parents while they saved for a home. They put down an average of 21% of the purchase price, the highest in the country. In Calgary, buyers put down just 10% of the price of their homes.

Buyers in Toronto and Vancouver were most likely to say they bought a home as an investment and wanted to take advantage of rising prices. More than half of buyers in those two cities said it was important to be able to rent out parts of their homes to help pay their mortgages. Calgarians were most likely to be investors who bought a home to rent it out. Flippers – those who bought so they could renovate their property and sell it – were most likely to be in Montreal.

Comment: Which is why we need the City of Toronto to get cracking on making 2-unit homes easier than they are now.

Despite digging deep to afford their homes, most first-time buyers said they hadn’t taken on any extra debt beyond their mortgages to afford their home. Half said they could afford to pay their bills and still save money. A quarter said they expected to pay off their mortgage faster than the typical 25-year amortization.

Comment: Just pay bi-weekly and you can do that.

Of the 43% who did take on other debts, Calgary buyers took on the most, with about 10% saying they had taken on as much as $49,000 in extra debt, mainly for home furnishings, decorations and unexpected repairs.

Buyers in Vancouver and Calgary were most likely to be scraping by with no savings, while those in Toronto were most likely to draw down their savings to pay their debts. Buyers who were borrowing just to survive mainly lived outside of the major cities in smaller markets in British Columbia and Quebec.

Childless men with university degrees were most likely to say they could afford their bills and still save, while women with children were more likely to say they were getting by but had no savings. Those who were drawing down their savings just to pay the bills tended to have gone to college and purchased a condo.

The survey also asked buyers about their political affiliation. It turns out 25% of first-time buyers identify as Liberal compared with 18% who said they voted Conservative and 17% who supported the NDP.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.

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