TD found 20% of Canadian repeat buyers have owned more than five homes and 23% of respondents plan to move in the next six years. Fewer than 33% say their next move will be their last…Retirement is the top reason at 29%, while 16% of people are moving just because they are bored of their homes. The survey found about 51% of respondents will move to a smaller home while 49% will go to a larger home.
TD Report: Canadians LOVE to move
September 22, 2010
Moving is expensive. Between commission fees, land transfer tax and paying movers, it can really cost a bundle. But it seems that all those extra costs pale in comparison with their inherent urge to, well, move.
According to the Financial Post:
So Canadians like to shift around. Maybe it’s because of all that space we’ve got. And although 51% of respondents indicated that they would have to take out additional loans to move on up, Canadians also indicated that they will be more conservative with their approach to debt.
83% of respondents said they are trying to come up with the largest down payment possible, 66% plan to accelerate the pace of their payments to decrease interest and 61% want to shorten their amortization period.
We’ll see how that goes! Hopefully people aren’t just being overly optimistic about what is actually within their means.