What are BC First Time Homebuyers Compromising On?
by Maggie Chandler on July 13, 2011
in Buyers Tips
According to a recent TD Canada Trust first time homebuyers report for BC, first time homebuyers are most likely to compromise in price (53%), number of bedrooms (44%) and number of bathrooms (35%).
They are most willing to make concessions about
- proximity to recreational activities (87%)
- features of the home (85%)
- layout of home (81%)
Compared to last year, homebuyers are doing slightly less homework. BC first time homebuyers are most likely to research mortgage options (87%), calculate closing costs (79%), estimate the cost of heating and water bills and estimate annual maintenance fees (both 76%)
- 56% are looking for a home with a rental unit
- 85% think the unit will generate between $500-$1,000 pr month and
- 67% say the income will go toward paying their mortgage
Flying Solo
- In BC, 47% of first time buyers plan to purchase their home on their own (rather than with a co-partner)
- Nationally 57% of men will buy on their home
- Nationally 33% of women will buy on their own
Are you a first time Vancouver home buyer in 2011? What’s your opinion on the above?
Contact me! I’ll help you understand the process, so you know what to expect and what to do next
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