For B.C. residents, it’s home sweet home – for now. They have owned many homes and don’t stay in any for very long. One in five has owned more than five homes according to the TD Canada Trust Repeat Home Buyers Report, which surveyed Canadians who have either purchased or intend to purchase a home that was not their first home. Further, half of B.C. homebuyers plan to stay in their next home for less than ten years – one quarter for less than six.
With all of their home buying experience, British Columbians have picked up some mortgage smarts. Compared to almost a third of Canadians, only 18% of British Columbian homebuyers don’t realize they have options when it comes to the mortgage on the home they are selling.