Additionally, 40% of first-time buyers said they aim to spend $300,000 or more on their first homes, indicating a 9% increase from last year’s figures.
In terms of property preferences, first-time buyers leaned towards purchasing “forever homes.”
According to the survey, 48% of respondents are seeking a long-term residence, marking a 7% increase from 2023. At the same time, interest in fixer-uppers or starter homes has declined by 7% since last year.
Location was shown to be a crucial factor for first-time buyers, with many wanting to be close to schools, workplaces, and amenities like backyards or pools.
More guidance needed for first-time buyers
The survey also shed light on the financial literacy and awareness of first-time buyers, particularly those with low-to-moderate incomes (LMI).