With all the bad news floating around about Canadian consumers’ bad habits (bad retirement planning, ruinous debt accumulation, etc.) it’s nice to hear some good news for a change. A TD Canada Trust survey of recent homebuyers, and those who plan to buy a home soon, found that Canadians are savvier than ever when it comes to researching what they want in a home — and how to finance it.
But despite all that research and preparation, a lot of us still want our dream home, and we want it now, regardless of the uneasy state of the housing market. The survey found that first-timers overwhelmingly want new and detached houses, and expect to pay less than asking price. Atlantic Canadians are most committed to detached houses, while Albertans are the most determined to buy below asking price. B.C. residents buck the trend as the most condo-friendly in the country.
Most of us also prefer the security of a fixed-rate mortgage, despite that in most cases a variable-rate mortgage will result in lower overall payments.