Women (49%) More Likely Than Men (35%) to be First-Time Buyers in the Housing Market
First-Time Buyers Previously Most Likely to be Put Off By Not Being Able to Afford to Buy (47%), Saving for Down Payment (25%), and Attending School (22%)
Other findings from the survey suggest that both male and female first time buyers have similar reasons for not having delayed in the past. Almost half of first time buyers say they could not afford to buy a property previously (47%), and a quarter (25%) say they had been saving money for a minimum down payment. Two in ten first time buyers say they had not bought previously as they had been attending school full time (22%), while a similar proportion (20%) say they weren't interested in or ready for the responsibility of home or condo ownership, or had enjoyed renting up to this point. Other reasons for delaying include:
- Enjoyed living with family or roommates up to this point (20%)
- Uncomfortable buying real estate because of job security (20%)
- Waiting for the right home to come on the market (19%)
- Saving for a large down payment (18%)
- Couldn't get approved for a large enough mortgage (14%)
- Spent the last few months educating myself on mortgage types, rates, fees and potential communities to live in (8%)
- Uncomfortable buying real estate because waiting to see how interest rates would change (7%)
When it comes to choosing a mortgage type, men are more likely than women to opt for a variable rate mortgage (25% compared to 16% of women), while women are more likely to prefer a combination of fixed and variable rate (44% compared to 31% of men). Fixed rate mortgages are popular amongst both men (44%) and women (40%) in the current marketplace.
These are some of the findings of the RBC's 19th Annual Homeownership Poll conducted by Ipsos Reid between January 24 - 30, 2012. The annual online survey tracks Canadians attitudes and behaviours around home buying and homeownership. The results are based on a sample where quota sampling and weighting are employed to balance demographics and ensure that the sample's composition reflects that of the actual Canadian population according to Census data. Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample. An unweighted probability sample of 2,006 adult Canadians, with 100% response rate would have an estimated margin of error of 1772 percentage points, 19 times out of 20. The margin of error will be larger within regions and for other sub-groupings of the survey population.
For more information on this news release, please contact:
Sean Simpson
Associate Vice President
Ipsos Reid
Public Affairs
416.572.4474
sean.simpson@ipsos.com
About Ipsos Reid
Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.
To learn more, please visit www.ipsos.ca.
About Ipsos
Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. In October 2011 Ipsos completed the acquisition of Synovate. The combination forms the world's third largest market research company.
With offices in 84 countries, Ipsos delivers insightful expertise across six research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.
Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.
Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of e1,363 billion (1.897 billion USD) in 2011.
Visit www.ipsos-na.com to learn more about Ipsos' offerings and capabilities.
