TD Canada Trust releases 2011 Home Buyers Report

TORONTO (March 7, 2011) – When homebuyers browse the listings and hit the open houses this spring, will they be looking for brand-new homes that won’t need any work or fixer-uppers that they can renovate to suit their taste?   According to the 2011 TD Canada Trust Home Buyers Report, Canadians are divided with men and women sitting on opposite sides of the fence.

Half of Canadians would prefer a new home because everything will work perfectly (25%) and it hasn’t been lived in before (24%), while the other half prefer older homes, which they feel offer better quality (34%) or have more character (17%).   The TD Canada Trust Home Buyers Report found that men are more likely than women to prefer a fixer-upper because it is more affordable (14% versus 8%) and because they can renovate to their taste (37% versus 29%).

“If you are willing to do the renovations or upgrades, buying a home that needs some work can give you the ability to transform the space into your dream home,” says Farhaneh Haque, Regional Manager, Mobile Mortgage Specialists, TD Canada Trust. “However, if you decide to go the renovation route, it’s important to understand the costs of the upgrades you intend to make and factor those in when deciding on the price range for a home that is realistic for you.”

The most important factors in deciding what home to buy:

Whether it’s brand new or older with charm, Canadians say the most important consideration when buying a home is cost (97%).  Women are more likely to say this is a very important consideration (82% versus 70% of men).  Other important factors are features of the home (94%), size (93%), security and safety (92%) and location (91%).

“When house-hunting there are some factors, like the features of the home, which can be adjusted once you’ve made your purchase. Other factors, like the location, cannot be changed.  Finding the right home is about getting the right balance – and at a price you can afford,” says Haque.   “Canadians wisely say that that cost is the number one consideration for a home purchase, evidence that Canadians realize that in order to truly be comfortable in their home, they need to comfortably be able to afford it!”

About the Home Buyers Report:

TD Canada Trust commissioned Environics Research Group to conduct a custom online survey of Canadians who had either purchased a home within the last two years or intend to purchase one in the next two years.  Between December 22 – 29, 2010, a total of 1,001 interviews were completed.