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Alberta repeat home buyers moving on to larger homes!

Posted by Murray Pound on August 29, 2011
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CALGARY — Repeat home buyers in Alberta are moving on to larger or more  luxurious homes, according to a survey released Tuesday.

The TD Canada Trust Repeat Home Buyers Report said Albertans are the most  likely in the country to feel they compromised on the layout and features of  their current home and are not willing to do so again in their next house  hunt.

The report, which surveyed Canadians who recently bought or intend to buy a  home that is not their first, found that 59 per cent of Alberta repeat buyers  are moving on to larger or more luxurious homes. And even though many are  upgrading, they are among the least likely to need a mortgage to finance the  purchase (58 per cent versus 69 per cent nationally).

“If you are moving because you want more room or certain features in your  home, a renovation could be an option to save the expense of moving by making  your current home work for you,” said Jessy Bilodeau, Mobile Mortgage  Specialists, TD Canada Trust.

The TD Canada Trust Repeat Home Buyers Report found that seven-in-10 Alberta  repeat buyers were moving earlier than they expected (40 per cent) or had no  intention of moving but now find themselves on the house-hunt again (30 per  cent). The number of people intending to buy a home that is not their first in  the next two years increased 21 percentage points over 2010 (84 per cent versus  63 per cent in 2010).

The large majority of Albertans (84 per cent) plan to sell their current home  before buying a new one. More than one-in-five (22 per cent) say market  conditions played a factor in their decision to buy another home and 69 per cent  expect to sell their home at or above asking price, said the report.

“The reality is that it’s still a buyers’ market, and homes need to be priced  correctly to sell,” said Bilodeau.

Albertans are more likely this year to say they are keeping their current  home as a rental property (46 per cent versus 25 per cent last year) or that  they will stay in their current home and the new home will be a rental property  (41 per cent versus 25 per cent last year).

© Copyright (c) The Calgary Herald

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