TD Canada Trust’s 2020 Repeat Home Buyers Report has found that one in five Canadian home buyers who have owned more than one home have owned over five homes in their lifetime. Less than a third of repeat home buyers plan on moving within the next six years, and the same amount of repeat home buyers say their next home will be their last.

Toronto real estate
One in five Toronto real estate owners has owned more than five homes.

Retirement, boredom and investment opportunities are the main reasons for moving, while real estate market conditions and waiting to save enough money are the biggest reasons for moving for fewer people, about 15% and 14% respectively.

Toronto Real Estate Buyers Divided on Size
The number of buyers looking to upsize or downsize is pretty much divided in half, with 49% of buyers looking to go bigger with their next home and 51 per cent looking to downsize. However, the majority of these buyers are looking for a detached home when they do buy another home.

Painted Garage Building

Financing New Toronto Real Estate

 

More than half of Canadian homebuyers who plan on moving soon say that they will need to take out a new mortgage because the sale of their existing home won’t cover the cost of a new one.

About 60% of home buyers who have owned more than one home have a mortgage and even more (72%) plan on using the same lender with their new homes. Those who are planning on switching lenders said that they were doing so because of better rates, better customer service and better mortgage terms available from other lenders.

The 2020 Canadian Repeat Home Buyers Report was conducted in August and is based on 1,000 completed responses about Canadian and Toronto real estate.

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