The platform continues to establish itself among first-time homebuyers
First-time home buyers account for as much as half of users in the 35-39 age range at online brokerage nesto, the company said in its latest report.
In the June 2021 edition of its “nesto-meter”, the brokerage also said that the age bracket with the strongest interest in buying for the first time is between 20 and 35 years old. Users aged 40 and older are overwhelmingly repeat buyers, with a mere 11% of those aged 70 and older saying that they are buying for the first time.
Late-life stability is reflected in the average credit scores of nesto users.
“‘I have Excellent Credit’ was selected most often by our younger users, aged 30 and younger, dropping down to a low of 49% as the user ages towards 50, followed by a jump towards 60% as the age increases per user,” nesto said in its report.
However, the brokerage added that “the portion of our users that do not know their credit score increases with age, which is consistent with anecdotal evidence that younger users are more likely to be aware of their credit score and the tools available for monitoring it.”
In terms of asset class, the clear favourite is detached housing, which accounts for approximately 75% of nesto’s total volume.
No matter the demographic, “Canadians want more space, whether it be living space or outdoors,” nesto said, while noting some striking regional differences.
“A large proportion of our users, in both Quebec and Ontario are most interested in detached family homes, with a unique address and a private yard. The environment that came with COVID leaves little surprise to this stat, but we are eager to see this chart mature over time as confinement measures are lifted and more of the nation is vaccinated and returning to the workplace,” nesto said.
“Compared to Quebec, our Ontario users are more likely to choose an apartment, which includes low/high-rise as well as stacked condos, while there is a much higher interest for plexes (multi-unit) overall in Quebec,” nesto added.