Who is Buying Real Estate in London Ont and across Canada?
Often when I'm driving around a new subdivision in London Komoka, or Hydepark with clients they often ask me who's buying all these homes?
The answer according to the Canadian Association of Accredited Mortgage Professionals is that first time buyers represent forty five percent of the Canadian housing market,
According to this new study of the approximately 620,000 homebuyers per year, 45% (280,000) are first-time buyers. Most of these buyers are between the ages of 25 and 34, although first-time buying also extends into the 45 to 64 age group.
Just over 1\5 of homebuyers (130,000 per year) are making their second purchase. Most of this activity also occurs in the 25 to 34 age bracket. It would be interesting to have reliable statistics in regards to why these people are buying their second house. From my experience of over 20 years as a realtor my guess would be:
1. Moving to a larger home.
2. Relocation due to work, schools and kids recreational activities.
3. Divorce and job loss.
Third-time and greater purchases account for one-third of buying (210,000 per year). This activity tends to occur in the 45 to 64 age group. Which makes sense as you need to be older to have the buy and sell history. In this 45 to 64 age group it would be interesting to know how and who is many of them are downsizing at this point and how many are looking for new homes?
Evidently as you get close to the 64 and above age group they would be more inclined to be downsizing.