Canadians homeowners find themselves searching for a new property earlier than expected


The national results showed 42% of repeat buyers are looking for another home before they originally planned. About 75% of first-time buyers plan to move again in the next two years – 10 percentage points higher than a year ago.

In British Columbia, 51% of respondents had no intentions of moving but now find themselves house hunting again.

Having seen their home values rise higher than anywhere else in Canada lately, B.C. owners could be looking to be sellers in a hot market.  In British Columbia, 28% of respondents said market conditions played a factor in their decision to buy another home, compared to 21% of respondents in 2010.

But Barry Rathburn, a manager with TD Canada Trust, said selling is not always the most profitable option.

“Our research indicates that British Columbians aren’t staying in one home too long,” said Rathburn. “There are costs associated with a move, so I’d recommend that people explore all their options before making the decision to change homes. It might be more affordable to renovate and make your current home work for you.”

Ontario was the province with the highest percentage of repeat buyers moving on to a larger or more luxurious home – 71%.

The survey also showed varied preferences amongst regional buyers. For example, repeat buyers in Ontario and Alberta listed layout as the top features they compromised on their previous purchase but would not budge on the second time around. In Manitoba, Saskatchewan and the Atlantic provinces, it was having a garage or sheltered parking. In British Columbia, it was the number of bedrooms.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

COMMENTS

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Should government update pot rules to prohibit growing in rentals?