According to the Pollara Strategic Insights survey, conducted for BMO (Bank of Montreal), first-time home buyers in Canada are looking to acquire their first property in suburban areas and smaller communities.
This survey by BMO, seeks to break down where first-time buyers want to have their first home and what are the reasons for making their decisions. For example, in Ontario and British Columbia, 53% of first-time buyers plan to purchase their property in the suburbs.
The survey revealed that nearly half (47%) of Canadian respondents have a strong intention to purchase their first property outside of city centers. According to the disclosed report, “Most first-time buyers want to balance home ownership costs with savings goals and lifestyle needs.”
The suburbs have gained strength since the start of the covid-19 pandemic, since 44% of buyers have assured that the affordability of these areas is one of the reasons that has caught their attention; Likewise, 41% responded that they are attracted to the possibility of being able to acquire a larger house than could be found in an urban center.
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Similarly, 35% of first-time buyers are looking to purchase their property in smaller cities and towns; They argue that the affordability of prices and spaces have become important factors in making the purchase decision.
Since the arrival of the pandemic and the alternative of remote work, hundreds of citizens have moved out of large urban centers. Unlike previous years, only a little more than 30% of buyers seek to acquire their first home in large cities. “27% look to Toronto, 15% to Vancouver and 11% to Montreal and Calgary,” according to the survey.
Some of the arguments given as to why they want to continue in large urban centers, focus on: being able to stay close to work (49%) and not wanting to leave the area where they currently reside (49%).
Regarding the types of properties, 61% of those surveyed are clear that they want an independent house, 32% are looking for a semi-detached property, 28% want to find a semi-detached house and 27% dream of a condominium.
According to BMO’s director of personal loan and home finance products, Hassan Pirnia, “As remote work is expected to continue in the long term, first-time home buyers have the flexibility to search for a home that does not it is necessarily next to where they work ”.
For Pirnia, “Between this additional labor flexibility and the appreciation of prices in some major cities, the expectation is that we will continue to see an impulse towards the suburbs.”
If you are a first-time buyer and you are interested in acquiring a property in Toronto or in other cities or towns in Ontario, you can go to the real estate sales representative, Luis Briceño, a professional who guarantees “commitment and dedication in the purchase and sale of your house or condominium ”.
In case you require advice, you can contact Briceño through his website https://www.luisbriceno.com/
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