BMO survey reveals Canadians are all about location
Posted Apr 13, 2011 11:35 pm.
This article is more than 5 years old.
The busiest season for the housing market is underway and Canadians are all about price and location.
A Leger Marketing survey conducted last month for the Bank of Montreal shows 91 per cent and 92 per cent of Canadians value the location and price of a home over it’s resale value.
It also shows 67 per cent base their decision on ‘a good feeling’ or their intuition.
BMO Mortgage Specialist Frances Hinojosa tells 660News, the numbers show people are taking longevity into account more than profitability.
“They’re looking at longevity. Will their family be able to grow in that home? Are there schools close by?”
“Also, transportation, location to their work, any amenities such as community centers, anything that’s important to their family and their household.”
The survey also revealed that when it does come down to the resale value of a home, women are more likely to make a purchase based on that factor than their male counterpart.
Another 81 per cent say the main determinant is the age of the home, and just 60 per cent for resale value.
Some tips from BMO for future home buyers:
Make sure what you signed up for matches what you can afford, think carefully about fixed and variable rates, and take a shorter amortization if possible.
