The New Path to First-Time Buyers Homeownership
The 2025 CMHC Mortgage Consumer Survey reveals a shift in how First-Time Buyers are entering the market. More buyers feel financially ready sooner, with the average savings time for a down payment dropping to 3.4 years. Behind the scenes, the path to ownership is often including a helping hand – from family or new mortgage rule changes.
Support Is Reshaping the Market
Today’s First-Time Homebuyers aren’t going it alone. According to the survey 41% received a financial gift or inheritance, averaging $80,000, while more than half used a co-signer – typically a parent. These support systems are increasingly necessary to meet income and stress test requirements.
Why Rule Changes Matter for First-Time Buyers
Recent federal changes allowing 30-year amortizations for insured mortgages and reduced down payments are also easing entry into the market. Combined with softened rates and slightly lower home prices, are also creating more opportunities for First-Time Buyers.
Refinancing and Renovation on the Rise
On the flip side, many existing homeowners are refinancing to manage higher payments or invest in home improvements. With equity top of mind and new incentives for energy-efficient upgrades and secondary suites, renovations are becoming a popular financial strategy.
Client First Mortgage Solutions Is Here To Help
Whether you are a First-Time Buyer, a renewing homeowner, or looking to refinance, the expert team at Client First Mortgage Solutions is here to guide you. We understand the changing mortgage landscape and offer personalized advice tailored to your unique situation. Contact Us today!
Original Article – Canadian Mortgage Trends – May 23, 2025
