CMT Team·Mortgage Industry Reports·September 2, 2011TD’s 2011 Repeat Home Buyers Report Here’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 Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.