FROM THE TD CANADA TRUST REPEAT HOME BUYERS REPORT
TORONTO (August 23, 2011) – Two-thirds of Canadian repeat home buyers are moving on to larger or more luxurious homes and many are moving earlier than they originally planned. The TD Canada Trust Repeat Home Buyers Report, which surveyed Canadians who recently bought or intend to buy a home that is not their first, found that seven-in-ten Canadian repeat buyers were moving earlier than they expected (42%) or had no intention of moving but now find themselves on the house-hunt again (27%). Further, the number of people intending to buy a home that is not their first in the next two years increased nearly ten percentage points over 2010 (74% versus 65% in 2010).
“Our research indicates that Canadians don’t stay in one home too long,” says Farhaneh Haque, Director, Mortgage Advice, TD Canada Trust. “Before making the decision to move, explore all your options and ensure that your new home will suit your changing needs and lifestyle. It might be more affordable to renovate and make your current home work for you.”
The top five features that Canadians felt they compromised on when they purchased their previous home that they are not willing to budge on this time are price (34%), layout of home (33%), features of home (31%), garage or sheltered parking (30%) and number of bedrooms (28%).
“If you are dissatisfied with something like the layout or features of your home, a renovation can be a convenient option to save the hassle and expense of moving. A Home Equity Line of Credit will allow you to use the equity you’ve built up in your home to finance the renovation. Further, if you do ultimately decide to sell, the renovation could increase your resale value,” says Haque.
Fifty percent of repeat buyers considered a Home Equity Line of Credit (HELOC) and are just as likely to say they would like to have it simply as a cushion (46%) as for the purposes of a renovation (45%). Thirty percent would use the line of credit for investment purposes.
Heather Hisey, Sales Representative; Lezlie McDermott, Sales Representative and Anne Wills, Sales Representative
CENTURY 21 Miller Real Estate Ltd., Brokerage*
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