7 Jul 2011

More Canadians buying their first home

For most Canadians, buying a home will be the biggest purchase they’ll ever make in their lives, and according to a new survey, many of them will be making that significant decision this year.

According to a survey sponsored by Genworth Financial Canada, the number of people planning on buying their first home this year rose to 11 percent, a sharp increase compared to the 6 percent who said the same thing in 2010.

“Canadians recognize that one of the best steps towards financial security is owning a home,” said Debbie McPherson, senior vice president of sales and marketing for Genworth Financial Canada, a private mortgage insurer.

The survey also detailed what groups of first-time homebuyers were most likely to buy, finding that they tended to be under the age of 35, have children and earn between $75,000 and $99,000 annually.

With more people looking to buy their first home, it’s likely that they’ll also be renting out their first storage unit. And with many of these first-time homebuyers having families, Toronto storage can be particularly useful, as it provides the extra space families need to hold all the belongings that will accumulate. 

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