Home is not necessarily where the heart is for B.C. homeowners.
According to a TD Canada Trust report released Wednesday, 75% of B.C. homeowners do not plan to stay in their home for more than 10 years. Half of B.C. homeowners surveyed said they plan to move in less than 10 years. Another 25% plan to move in less than six years.
The survey, conducted by Environics Research for TD, found that 20% of homeowners in B.C. and in Ontario have owned more than five homes in their lifetime. B.C. residents appear to be moving to larger homes or more expensive neighborhoods since half of respondents said proceeds from the sale of their existing home will be less than the value of their new home.
That level of turnover has given British Columbians a lot of experience in the residential real estate market. Half of B.C. respondents said they generally renovate in order to improve the resale value and 45% redecorate. About 7% said they would hire a professional stager.
British Columbian homeowners are also among the most experienced and knowledgeable about their mortgage options. The vast majority plans to do what they can to minimize the amount of interest they pay on their mortgage. About 82% will put down as much as they can afford for a down payment, 61% said they choose accelerated payment options and 53% choose a shorter amortization period.
Despite knowing the options, homeowners in B.C. are very loyal with two-thirds of respondents saying they will use their current mortgage lender for their new home. The remaining homeowners will switch, primarily to get a better mortgage rate (54%), better customer service (23%) or a better term (23%).