Market Insight Forum – An Update on the First-Time Home Buyer Market
On August 11, Teranet hosted a Virtual Market Insight Forum dedicated to the first-time home buyer segment. The session presented facts and analyses relevant to this important segment of buyers in Ontario.
Led by Dil Grewal, Teranet’s Senior Vice President, Registry and Property Solutions, the forum included data regarding residential properties in Ontario from January 1, 2000 to June 30, 2021. Dil defined first-time home buyer sales as those in which at least one of the buyers qualified for the Land Registry First-Time Home Purchaser Tax rebate.
Prior to 2016 around 43% of first-time home buyers only had one owner on title. Since 2016, there has been a steep decline with only 33.45% of first-time home buyers being the single owner on title. Condominiums and single detached properties have been the most popular amongst first-time home buyers in the first half of 2021, representing 37.56% and 38.25% of the total year-to-date sales transactions respectively.
The top five municipalities first-time home buyers choose has been consistent since 2017, with Toronto as the most popular. Other municipalities that first-time home buyers frequently choose are Ottawa, Brampton, Mississauga and Hamilton.
The forum also included Deepak Bansal from Dominion Lending Centres – Expert Financial, J.P. Boutros from Mortgage Professionals Canada, Steve Flemming from RE/MAX Prime Properties, Marc Shendale from Sagen and Alison Simpson from Key. All participants provided unique and timely perspectives.
“Our Market Insight Forums allow us to collaborate and to create better dialogue with our industry partners,” Dil said. “Such dialog helps us all to realize our business goals.”
Thank you to everyone that attended and participated in the Virtual Market Insight Forum, we look forward to hosting you for future sessions. If you missed the session, or would like to hear from our industry experts again, watch the recording: https://vimeo.com/586797477