B.C. is home to more investment-minded house hunters than any other part of the country, according to TD Canada Trust’s repeat home buyer’s report.
The report showed that B.C. buyers are the most likely in Canada to say investment opportunities and market conditions played a factor in their decision to buy another home.
On top of that, some 81% have plans to eventually sell their homes and four in five people believe they’ll sell their home for above asking price.
“Buyers should keep in mind that if they are expecting to sell above asking price, it’s likely they will need to also buy at above ask price,” said Barry Rathburn, manager, residential mortgages, at TD Canada Trust.
The report also found that B.C. homeowners are the most likely in the country to have owned more than four homes in their lifetime, and that they’re moving on to “larger and more luxurious homes” sooner than expected.
“Our research indicates that British Columbians aren’t staying in one home too long,” said Rathburn.
“There are costs associated with a move, so I’d recommend that people explore all of their options before making the decision to change homes.”
Joel McKay
Twitter:jmckaybiv