Toronto Homeowners Like To Move: Survey

A new survey by Toronto-Dominion Bank has found that Canadians like moving. Approximately 20 per cent of Canadian real estate buyers have owned more than five homes in their lifetime, and nearly the same amount of Canadians are planning on moving within six years.

Just over half of Toronto homeowners are downsizing their real estate purchases.

Fewer than a third of those surveyed said that their next move will be their last intended move.

Surprisingly, more than half of the respondents are looking for a smaller home, but 49 per cent of respondents were upsizing during their next move. Almost one-third of those surveyed cited retirement as their number one reason for moving, but some people are just restless: approximately 16 per cent of the respondents said they were bored with their current home.

Most Canadians won’t be able to pay off their new home by selling their current home, as 51 per cent of those surveyed said they’d have to take out a new mortgage to be able to afford their new house. Those Canadians are being smarter about their debt loads as 83 per cent said they were saving up for the biggest down payment possible, and 61 per cent were going to choose a shorter amortization period to save on interest.

“It is encouraging that the majority of Canadians are taking steps to save money on their mortgage,” Farhaneh Haque, the regional sales manager of mobile mortgage specialists at TD Canada Trust told the Financial Post this week. “I recommend that home buyers buy the house that fits their budget, not just their lifestyle. After all, if you buy a house that is too big for you to afford, you could be giving up that lifestyle just to pay it off.”

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