PART 1: 1st Time Buyers – LATEST Facts and Figures

A survey commissioned by the Vancouver Real Estate Board and conducted by the Mustel Group delivers some interesting numbers.

The survey notes that approximately one third of all buyers are first-time Buyers.

The type of home that they purchased was almost equal with 39% buying a condominium and the 38% buying a detached single family home.

First timers inclined to buy a Resale Home

A total of 7% of home buyers bought a new home. Of the types of homes they bought, detached, townhouse or duplex 8% were inclined to buy a new detached home and 11% were inclined to buy a new townhouse or duplex compared to condominiums, where 4% purchased new.

Characteristics of First-Time Buyers

First-time home buyers are more inclined to be young (under 45 years of age), with children, and from Asian countries in comparison to repeat buyers. First-time buyers also are more likeyly than repeat buyers to be new to the region (more thatn half lived in the region for less than 10 years), from low income households, to have purchased a home in Vancouver or Burnaby/New Westminster, and to have paid less than $300,000.

Detached single family home buyers are inclinded to be:

• Repeat buyers
• Spend $500,000 or more
• 35-44 years of age
• Married or living common-law
• Have children
• Have a household income of $90,000 or more

Condo buyers are more inclined to be:

• First-time buyers
• Spend less that $5000,000
• 55 years of age or over
• Single, divorced or separated
• Without Children
• Household income less than $90,000

Townhouse buyers like condo buyers are more inclined to be first-time buyers but they are similar to single family home buyers in other ways.

Characteristics of Homes Purchased

• 54% bought and sold a home or property
• 44% only bought
• 2% only sold a home or property
• 1/3 of buyers are first-time home owners
• 7% of home buyers bought a new home
• of those who bought new, six-in-ten purchased pre-completion
• most homes purchased are principal residences

What Detached, Condo and Townhouse Sellers did-

• 52% who sold a detached home bought the same type of home
  • 28% bought a condo
  • 16% bought a townhouse
• 43% of condo sellers bought another condo
  • 32% purchased a detached home
  • 22% bought a townhouse
• 52% of townhouse sellers would rather buy a detached home
  • 22% townhouse would buy a townhouse again
  • 25% would buy a condo

***All graphs and information courtesy Greater Vancouver Real Estate Board July 2007. All data references 2006.