The 2023 Canadian First-time Homebuyer Survey, conducted in collaboration with Sagen, analyzed key trends among first-time homebuyers across the country (those who purchased a home within the last two years), as well as those planning to buy their first home in the next two years.
Key highlights from the release include:
- Number of first-time homebuyers worried about an insufficient down payment increased to 67% in 2023, up from 62% in 2021 and 57% in 2019
- In Greater Calgary, the percentage of first-time homebuyers who were worried about their down payment has increased substantially, from 42% in 2021 to 69% in 2023
- 74% of first-time homebuyers in the Greater Toronto Area, 71% in Greater Vancouver and 67% in the Greater Montreal Area reported feeling worried that they would not have a large enough down payment to purchase a home they really wanted
- More than a third of first-time buyers (35%) received financial assistance in a lump sum payment toward their purchase, while a quarter of buyers (25%) received support on their monthly mortgage payments