First time homebuyers sometimes are scared of the challenges of entering into home ownership.
According to the TD Canada Trust First Time Homebuyers Report, “56% of first time home buyers in B.C. are looking for a home with a rental unit.  Eighty-five percent think the unit will generate between $500 - $1,000 per month and seven-in-ten (67%) say the extra income will go towards paying their mortgage.”
This suggests an interesting strategic move for this group as a whole, looking to take on home ownership, increase personal cash flow and build maximum equity all at the same time.

Having a property with potential rental income can be an effective way to supplement your income and pay off your mortgage faster. If you have a rental unit, it’s recommended to explore flexible mortgage options.  These products allow you to pay your mortgage faster when you can afford it and give you the peace of mind of knowing that if something changed financially - for instance your tenant moved out during the same time that your furnace or air conditioner broke down - you could miss payments with no penalty."

Usually for first time homebuyers it takes longer to save up for a down payment..

The report says, “Nearly six-in-ten say that they have been saving for their first home for three years or more (57% versus 47% nationally) and they are twice as likely to be putting down a down payment of more than 25% (17% versus 10% nationally).  Not surprisingly, given B.C.'s infamously expensive real estate, buyers in B.C. are most likely to need a mortgage to finance their purchase (93% versus 87% nationally).

In the province, 47% of first time buyers intend to buy their first home on their own (rather than with a co-purchaser). 57% of men will buy on their own compared to 33% of women.

Not only do the first time homebuyers want to have a basement for rent , they are very clear on what they want to have in the upper part of the house as well, and are not overly willing to compromise.  53% said that they would not negotiate on price; 44% said they were not willing to compromise on number or size of bedrooms while 35% said they would not waver on the number of bathrooms.

They are however, willing to compromise on things like proximity to shopping  plazas, recreational centres, features of the home, lot size, and layout of the home.

The findings of this survey show that there is a new type of first time buyers emerging. They are educated, strategic and patient—and they know very much what their expectations are when it comes to home ownership.