First-time homebuyers remain confident

Newbie homeowners are feeling good about their financial future.

More than 80% of first-time homebuyers said they had confidence in their long-term financial health according to a survey conducted by Genworth Financial Mortgage Insurance Company Canada and the Canadian Association of Credit Counselling Services.

First-time buyers who purchased a home in the past two years and those who intend to purchase in the next two years, are well prepared for the financial responsibility that comes with homeownership. In the poll, 81% of First-Time Buyers and Intenders said they are confident in their financial future.

Only 63% of people who do not own a home said they felt good about their long-term finances.

“Getting your finances in order to comfortably take on homeownership for the first time is a fulfilling milestone for many reasons,” said Henrietta Ross, Chief Executive Officer of CACCS. “Being confident about your long-term financial health is a powerful feeling and an extremely satisfying one as these results illustrate.”

Financial preparation is the first step towards handling the costs of buying a home and also instills confidence towards planning for the future. In the poll, 62% of First-Time Buyers and Intenders said they were more likely to have a long-term financial plan for retirement, and 69% said they expect their financial situation to improve in the next year.

Recognizing the importance of educating homebuyers, Genworth Financial Canada will launch its second annual Homeownership Education Week scheduled for April 11th to15th aimed at providing advice on various financial topics related to homeownership. Live seminars and webinars will be delivered across Canada with CACCS and other credit and housing experts throughout the week. Registration for these free events is taking place now and is open to all Canadians at www.homeownership.ca.

The survey of 1,504 was conducted between January 19 and February 1, 2011 by Environics Research Group.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.