If you’re buying your first home in 2025, you’re not alone in feeling the weight of the process. According to the latest Canada Mortgage and Housing Corporation (CMHC) Mortgage Consumer Survey, first-time buyers are taking a thoughtful, long-term approach – and they’re leaning on mortgage agents more than ever to guide the way.
The survey found that first-time buyers rented for more than six years before purchasing a home, spending more than three years building credit and saving for a down payment. For many, this wasn’t just about hitting a number – it was about feeling financially ready and confident enough to step into homeownership.
Nearly half said they felt financially prepared, while others were driven by the belief that homeownership is a strong long-term investment.
Shift in traditional homebuying patterns
Interestingly, more than half of respondents said they bought a home with someone other than a spouse. That’s a major shift from traditional buying patterns, reflecting both the affordability challenges in today’s market and the creative ways buyers are teaming up to make homeownership possible. Whether it’s with a sibling, parent or friend, co-buying can be a powerful strategy – but it also requires careful planning and clear communication, especially when it comes to shared financial responsibility.
Another key insight shows that 65% of buyers spent the maximum they could afford, and many leaned on credit cards or lines of credit to cover unexpected costs like legal fees, home inspections or urgent repairs. That’s a clear signal that budgeting for the home itself isn’t enough – you need a cushion for closing costs and emergencies too.
Preparing for homeownership
Your mortgage agent can help you understand what’s possible, prepare for what’s unexpected, and plan a mortgage strategy that works for your life – not just your approval amount. If you’re thinking about buying your first home, be sure to reach out to your mortgage agent early. With the right plan in place, you’ll feel more confident, informed and ready when the right home comes along.
Have questions about buying your first home? Answers are a call or email away!