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.
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