How First-Time Buyers go about purchasing their first home
“Not wanting to rent” and “wanting to own their home” are the key reasons First-Time Buyers pursue homeownership. Together, these factors account for 41% of the motivation for a first-home purchase. Qualitative research reveals that the specific reasons for buying can vary.
First-Time Buyers typically take three months longer than Repeat Buyers to plan their home purchase, with a median of 10 months of planning.
Although both First-Time Buyers and Repeat Buyers predominately purchase single-detached homes (59% and 73% respectively), First-Time Buyers are more likely than Repeat Buyers to purchase semi-detached, row/townhouses and condos (39% for First-Time Buyers vs. 20% for Repeat Buyers).
The majority of First-Time Buyers buy single detached homes
However First-Time Buyers have greater propensity for multi-family units than Repeat Buyers