While the majority of Canadian first-time home buyers (57 per cent) said that before buying their home they worried they might miss out on a property they wanted because of an insufficient down payment, Atlantic Canadians did not share those same fears.
Fifty-seven per cent of respondents in nationwide survey, released by Genworth Canada, shared that fear.
The survey released, by Genworth Canada in collaboration with Royal LePage, analyzed key trends among first-time home buyers who purchased a home within the last two years.
The Atlantic Canada region bucks the trend for anxiety in relation to their down payment. Fifty-four per cent of those surveyed said they were not worried about their down payment compared to 41 per cent nationally.
Seventy-four per cent of those surveyed in Atlantic Canada rented before purchasing their first home. Twenty per cent of respondents in Atlantic Canada lived with family before buying a home; 54 per cent paid rent to relatives, while 17 per cent paid market rates.
Among those respondents who lived at home before buying, 20 per cent reported their parents delayed plans to downsize until the respondents moved out of the family home.
Nationally, 25 per cent of respondents lived with parents or relatives. Forty-three per cent of those living at home paid rent to their families and of those paying rent, 30 per cent paid less than the market value.
As affordability continues to challenge many first-time home buyers across Canada, 48 per cent of respondents would rather have a smaller home and live close to work, compared to 32 per cent who value larger properties despite a longer commute.
