{"id":26665,"date":"2024-07-20T05:49:01","date_gmt":"2024-07-20T12:49:01","guid":{"rendered":"https:\/\/essential.construction\/news\/point2-releases-canadian-homebuyer-survey\/"},"modified":"2024-07-20T05:49:04","modified_gmt":"2024-07-20T12:49:04","slug":"point2-releases-canadian-homebuyer-survey","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/point2-releases-canadian-homebuyer-survey\/","title":{"rendered":"Point2 releases Canadian homebuyer survey"},"content":{"rendered":"

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There\u2019s no doubt that buying a condo would be easier than buying a single-family home, especially for first-time buyers trying to get on the property ladder and start building equity. There\u2019s also no doubt that two incomes are better than one when it comes to fulfilling renters\u2019 home ownership dreams. But that\u2019s not what Canadian homebuyers are doing.<\/p>\n

A new Point2 survey focusing on Canadian renters\u2019 home ownership plans revealed that four in 10 renters were willing to apply for a mortgage alone. What used to be the default for decades \u2014 meaning applying for a mortgage with a spouse \u2014 is taking second place to going it alone.<\/p>\n

Here are some generational insights that the Renter to Homeowner Point2 survey<\/em> <\/a>revealed:<\/p>\n

Ambitious Goals: Gen Z and Baby Boomers Are Most Determined, But Can They Do It?<\/h2>\n

They probably can. Analyzing their other responses, it looks like it\u2019s not just about future plans. Indeed, 76 per cent of renters over 65 and 72 per cent of Gen Z renters stated that they would like to buy within the next year, but what matters more is how much money they managed to set aside to cover the down payment.<\/p>\n

The national benchmark home price reached $719,400, which puts the national average down payment amount at $143,880. Of course, the home price and therefore the down payment varies greatly depending on the city where renters live and the type of home they want to buy.<\/p>\n

But some respondents have some serious money already set aside.<\/p>\n

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