23 Jun 2011

Survey finds Canadians take nearly a year before purchasing a home

Large purchases should never be rushed into, and a new study is finding that Canadians take that maxim seriously when it comes to purchasing a home.

According to an online survey conducted by the Canada Mortgage and Housing Corporation of 3,500 mortgage customers, the average Canadian homeowner takes approximately 11 months to plan out all the details that come with homeownership before putting money down.

"Buying a home is one of the biggest financial decisions most Canadians will make in their lifetimes," said Pierre Serre, vice president of Insurance Product and Business Development for the CMHC. "CMHC is committed to supporting homebuyers throughout their decision making process."

The study also found Canadians take advantage of the internet when planning out their purchase. Among recent buyers, the survey found Canadians performed searches for things like interest rates, mortgage options and mortgage calculators.

Serre said CMHC's website offers mortgage calculators for homebuyers' convenience.

While storage unit purchases may not be as significant or as costly as buying a home, they're nonetheless important. Renters should consult with on-site professionals to help them determine what the best size unit is for their storage needs.

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