TD’s 2011 Repeat Home Buyers Report

repeat-home-buyersHere’s a look at what repeat home buyers are thinking when it comes to mortgages and housing, courtesy of this recent TD poll:

  • 69% of repeat buyers will take out a mortgage on their new home.
  • 7 out of 10 recent or prospective repeat buyers said they moved (or were moving) earlier than expected.
    • TD says “Our research indicates that Canadians don’t stay in one home too long.”
    • Among people who don’t plan to stay in their home for 20+ years, the average time that people expect to spend in a home is roughly five years. (Our estimate from TD’s data)

  • 50% of repeat buyers considered a Home Equity Line of Credit (HELOC).
  • 46% chose a HELOC to have a “cushion”. 45% got a HELOC for renovations. 30% planned to use it for leveraged investing.
  • In 2010, 27% of Canadians who planned to sell their home didn’t know they could port their mortgage or allow someone to assume it. This year, that number dropped to only 9%. What a difference.
  • 38% of sellers plan to port their mortgage to their new property.
  • 14% say they will offer their mortgage for assumption, as a selling feature.

 


TD Canada Trust’s Repeat Home Buyers Report surveys Canadians who recently bought or intend to buy a home that is not their first. A total of 1,025 completed surveys were collected.

 


Rob McLister, CMT

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