Posted by: Daryl & Wendy Ashby | December 13, 2010

Canadian’s Love To Move

Canadian home buyers appear to be on the move, according to a new survey from Toronto-Dominion Bank.

TD found 20% of Canadian repeat buyers have owned more than five homes and 23% of respondents plan to move in the next six years.

Less than 33% say their next move will be their last.

Why are they so willing to move? Retirement is the top reason at 29% but 16% of people are moving just because they are bored of their home. The survey found about 51% of respondents will move to a smaller home while 49% will go to a larger home.

While some Canadians might consider downsizing to escape a mortgage, 51% of respondents report the proceeds from the home they sell will not be enough to pay for their new home, necessitating another loan.

TD says their study shows Canadians are getting more conservative about taking on debt with 83% of respondents coming up with as large a down payments as they can afford. A further 66% plan to make accelerated payments to save interest and 61% will choose a shorter amortization period.

“It is encouraging that the majority of Canadians are taking steps to save money on their mortgage,” says Farhaneh Haque, regional sales manager of mobile mortgage specialists, at TD Canada Trust. “I recommend that home buyers buy the house that fits their budget, not just their lifestyle. After all, if you buy a house that is too big for you to afford, you could be giving up that lifestyle just to pay it off.”

The online survey was conducted by Environics Research Group Aug. 12 to 27 and based on 1,000 completed surveys. All participants 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.


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