There is no place like home, but for many Canadians, buying a home doesn’t mean they plan to stay for long, says a recent TD Canada Trust report. It found one-in-five repeat buyers have owned more than five homes. Twenty-three per cent of those surveyed plan to move again within six years, and less than one-third say their next move will be their last.
Canadians are split on whether their next home will be larger (49 per cent) or smaller, but there is consensus that in their next house-hunt, they intend to find a fully detached home. Seven-in-10 repeat home buyers are looking for a fully detached home – even those currently living in condos, townhouses or semi-detached homes are looking for fully detached homes for their next purchase.
Half of Canadians say the proceeds from the sale of their current home will be less than the value of their new home, meaning that they will need to take out a mortgage.
The top factor that influences the decision to move is retirement (29 per cent). Other factors include being bored of their current home (16 per cent), investment opportunities (15 per cent) and market conditions (15 per cent). Fourteen per cent say they had always planned to move but were waiting to save enough money.
The top considerations for Canadians’ next home are the layout of the home (98 per cent), the size of the home (97 per cent) – though they are divided on whether to go smaller or bigger – and price (96 per cent).
The majority of home buyers plan to sell their current property before purchasing another one (84 per cent). Of the remaining 16 per cent who will keep both properties, 39 per cent will use one as a rental property or investment property.
Fifty-five per cent of Canadian home buyers are cautious, saying they wouldn’t buy a new home until their current home is sold – but 45 per cent say they would put in an offer if the perfect home came up for sale and hope that their house sells.
SOURCE: REAL ESTATE MAGAZINE