From the TD CANADA TRUST REPEAT HOME BUYERS REPORT
In this year's survey, Canadians were more likely to say that investment opportunities and market conditions played a factor in their decision to buy another home (both at 21% versus 15% in 2010). The large majority (82%) plan to sell their current home and of those who are selling, four in five expect to sell at or above asking price (78% versus 66% in 2010).
Among those who have purchased a second home and do not plan to sell their previous home, 42% will keep the first home as a rental property. More buyers this year than last indicated that they will stay in their current home and the new home they purchase will be a rental property (32% versus 20% in 2010). Interestingly, there was a big increase this year in the number of buyers who said that rather than selling their current home, a family member will move into it (12% versus 4% in 2010).
"Buyers should keep in mind that if they are expecting to sell above asking price, it's likely they will need to also buy at above asking price," says Haque. "A home is, obviously, a very big purchase - especially if you will not be selling your previous home to put towards the cost. A mortgage expert at your bank can walk you through your financing options and show you strategies and products that may save you money and provide flexibility over the course of your mortgage."
About the 2011 TD Canada Trust Repeat Home Buyers Report
Results for this study were collected through a custom online survey conducted by Environics Research Group. A total of 1,025 completed surveys were collected between June 16-28, 2011 of people who have either purchased a home that was not their first home within the past 24 months, or intend to purchase a home that is not their first home within the next 24 months.
Heather Hisey, Sales Representative; Lezlie McDermott, Sales Representative and Anne Wills, Sales Representative
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