BMO Psychology of House Hunting Report: Home Buyers Visited an Average of 10 Homes Before Buying
- Love at first sight: 80 per cent of likely buyers know if the home is right as soon as they cross the threshold - Buyer beware: Canadians are more concerned about finding something wrong with the home post-purchase than a potential drop in real estate prices - 'Stress'-tested: Report also reveals emotional state and motivations of prospective buyers, including first-timers
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/02/13 -- According to the BMO Psychology of House Hunting Report, Canadian homeowners spent an average of five months house hunting and visited ten homes before making the decision to buy.
The report, released today and conducted by Pollara, is the fourth in a series from BMO that examines the personal finance and investing behaviours among Canadians. Key findings include:
"It's important to take a practical approach when house hunting and have a clear idea of where you stand financially to ensure you make a responsible home buying decision," said Laura Parsons, Mortgage Expert, BMO Bank of Montreal. "Doing research ahead of time and setting realistic expectations can help you avoid making an uninformed or rushed purchase."
Motivations: Not Just About the Bottom Line
According to the report, 44 per cent of current homeowners say they bought their home because they felt it was a good investment; 37 per cent stated they were motivated to buy because they felt the time was right to get into the market. Another 23 per cent bought because they wanted to move to a new neighbourhood, and 18 per cent bought because their family was expanding.
House Hunting: A Love/Hate Relationship
The report revealed that Canadians experience a wide array of emotions when buying a home:
"Buying a home is one of the biggest investments Canadians will make in their lifetime, so it's wise to take time and get the guidance of a professional to help ease stress and mitigate any financial pitfalls that may arise from making an emotional decision," said Ms. Parsons.
Ms. Parsons added that getting preapproved financing, choosing a fixed rate and stress-testing mortgage payments in advance of buying a home can provide peace of mind and help home buyers become mortgage-free sooner.
The BMO Psychology of House Hunting Survey was conducted by Pollara. Survey results cited in this report are from online interviews with a random sample of 2,000 Canadians 18 years of age and over, conducted between February 25 and March 5, 2013. As a guideline, a probability sample of this size would yield results accurate to +/- 2.2 per cent, 19 times out of 20. Data has been weighted by region, gender, and age, based on the most recent Census figures, so that it is representative of all adult Canadians.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $538 billion as at January 31, 2012, and more than 47,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
Contacts:
Media Contacts:
Matthew Duffin, Toronto
(416) 867-3996
Valerie Doucet, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596
Internet:
Twitter: (at)BMOmedia
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Datum: 02.05.2013 - 13:00 Uhr
Sprache: Deutsch
News-ID 255520
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TORONTO, ONTARIO
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Commercial & Investment Banking
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