A new real estate survey has found that Canadians like to move, and much more frequently in past years, says the Financial Post.
Retirement and boredom were cited as the biggest reasons Canadian homeowners were planning to move within the next six years, and 51 per cent intend to move to a smaller home while 49 per cent expect to go bigger.
The survey also found that one-fifth of Canadian repeat buyers have owned more than five homes within the past six years, with only one-third saying their next move will be their last.
However, over half of those who responded to the survey won’t make enough from the sale of their existing home to buy their next, meaning they’ll have to take out another mortgage. However, Canadians are being smart about those mortgages with the majority making the largest down payment they can afford – over 80 per cent.
The survey was conducted by TD Canada Trust in mid-August and polled one thousand people who had already bought at least their second home within the last two years or were planning to buy at least their second home within the next two years.
“It is encouraging to see that the majority of Canadians are taking steps to save money on their mortgage,” said the survey, recommending that home buyers choose houses that fit their budget so that they are not giving up their lifestyle simply to pay it off.