What do first-time Toronto homebuyers want?
And the answer is: a lot, according to a new survey by TD Canada Trust. Toronto first-time buyers are looking for all of the extras like additional bedrooms and all of the nicest appliances, but they intend to stick around for a lot longer than first-time buyers have in previous years. Instead of moving repeatedly to find that perfect home, they’d rather buy a home that will last them a longer chunk of their lives the first time.
Toronto first-time buyers are looking for homes that will last.
The TD Canada Home Buyer’s Report shows that most Canadians are looking to pay less than the asking price for new homes rather than older homes or condos. The majority of those surveyed, about 75 per cent, want a newly built home. However, most of these buyers will also stay in the home for a longer period of time.
The cost of down payments is also dwindling, as in Ontario 36 per cent of first-time homebuyers intend to put about 20 per cent down, while across the country only 30 per cent of first-time buyers surveyed intend to put down anything higher.
However, the low down payments and wanting more for less shouldn’t be mistaken for haste, as first time home buyers are doing between eight and 10 months of research and shopping in the country’s hottest markets (like Toronto), taking the time to figure out what exactly they can get. Almost 100 per cent of those surveyed had studied their mortgage options and 91 per cent were pre-approved, but interest rates are still a concern for many first-time homebuyers with about 60 per cent worried about still being able to afford payments if interest rates were to rise.
TD Canada Trust does suggest that homeowners spend a bit more time saving up for a larger down payment, but homeowners are on the right track with regards to being prepared for the “hidden” costs of home buying: 88 per cent of those surveyed had calculated all of their closing costs and 85 per cent had figured out their potential utility fees.
What do first-time Toronto homebuyers want? is a post from: Toronto Real Estate Updates