Reacts to Report: First-Time Home Buyers Almost Half of All Homes Sold in Last 27 Months

Toronto, Canada, July 1, 2015 , the leading low-cost, private mortgage solution provider in the country, is reacting to a recent report showing that first-time home buyers are a significant driver of the current housing market. is also reacting to a growing number of first-time home buyers using mortgage brokers and credit unions to obtain their mortgages.

According to a recent report released by the Canadian Association of Accredited Mortgage Professionals (CAAMP), first-time home buyers make up 45% of the 620,000 homes sold in the last 27 months. The study found that most first-time home buyers are between 25 and 34 years of age where half (49%) have household incomes below $80,000. The average price spent on a home by first-time buyers was $308,100, with the most common price range being between $200,000 and $249,000. (Source: Dunning, W., “A Profile of Home Buying in Canada,” Canadian Association of Accredited Mortgage Professionals web site, June 9, 2015;

“This data shows that first-time home buyers are showing intense interest in the Canadian housing market,” says Bob Aggarwal, president of “And when it comes to financing, a large number of first-time home buyers are turning to mortgage brokers.”

The report also revealed that the largest source for down payments in all buying groups, including first-time owners, is personal savings. When it comes to securing financing, though, there is a divide. Slightly more than half (52%) of mortgages were obtained from banks while 34% came from mortgage brokers and 10% from credit unions.

“Bank use is the lowest for first-time home buyers at 47% and slightly higher for buyers who have purchased more than two homes at 58%,” Aggarwal adds. “The use of mortgage brokers is most frequent for first-time buyers at 39%.”

“While the mortgage landscape remains extremely competitive, first-time home buyers are discovering the advantages of using the independent, licensed, mortgage brokers because they can get lower rates than what Canada’s big banks charge,” Aggarwal concludes. “It is important for first-time home buyers to contact a mortgage broker to explore their options prior to making a final decision.” is one of the largest, most trusted private mortgage brokers in Canada, with skilled independent and licensed professionals helping Canadians coast-to-coast. provides its clients with residential and commercial mortgages, home equity credit, debt consolidation, and addressing financing concerns. To learn more about, visit the web site at

Bob Aggarwal

Mr. Aggarwal was one of the original founders of, one of the largest volume Mortgage Brokerage houses in Canada. Mr. Aggarwal has over 12 years of experience in Brokerage and Lending in the small and medium business sector, as well as experience and expertise in the residential housing market. Since the inception of, Mr. Aggarwal has been instrumental in developing the operating platforms, and policies and procedures which have guided the organization to date.


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