Canadian Repeat Home Buyers Report

According to a recent home buyers report, 23 per cent of recent Canadian home buyers plan to move again within six years. These repeat buyers will go on to own more than 5 homes in their lifetime.

Survey Results For Repeat Home Buyers:

• 33 per cent of home buyers say their next move will be their last


• 49 per cent say their next home will larger


• 51 per cent say their next home will be smaller


• 70 per cent of repeat home buyers are looking for a fully-detached home

Financing Results for Repeat Home Buyers:

• 51 per cent of home buyers will need to take out a mortgage for their new home


• 83 per cent will put down as much as possible for their down payment


• 66 per cent look forward to accelerated payments to save on payments


• 61 per cent will save money on a shorter mortgage amortization period


• 21 per cent will take out the maximum qualified mortgage


• 28 per cent of home buyers under 40 will do the same
  

Mortgage Results for Repeat Home Buyers:

• 66 per cent have a mortgage on their current home


• 72 per cent intend to continue to use their current lender for a new home


• 60 per cent of the remaining 28 per cent per cent will switch for a better rate


• 33 per cent(remaining 28 per cent) for better customer service


• 28 per cent for better rates

Surprisingly the home buyers report found 60 per cent of home buyers did not know their options or haven't thought about options for their current mortgage.

Source:

TD Canada Trust Home Buyers Report