When it comes to buying home real estate in Toronto, we often shop around for the best mortgage rate we can get our hands
There are many factors that can affect the Toronto Home Buying Process. A new survey by BMO suggests that commute times are becoming a key factor when deciding on buying a new home for first-time buyers. There are certain factors when deciding on a house like whether the neighbourhood is safe or how far the school is from the prospect home.
The highest concern is finding a home in a safe neighbourhood with 62% of first-time buyers surveyed. However, the second highest priority for first-time buyers (which has helped boom downtown toronto condos over the last decade) is being near transit according to the BMO survey. Another metric that came from the survey showed that 28% of first-time buyers say that being near a subway or bus lines contributed a great deal to their buying decision. This was actually more than the national average of 19% among other all other buyers. The shorter amount of time to travel to work was also a huge factor. Results showed 34% of first-time buyers were looking for shorter commutes vs. the national average of 28%.
Being near friends and family was less important with 20% vs. the national average of 25%. It was interesting to see (but not surprising) that young professionals with no children wanted to be close to the excitement by living near restaurants with 28% vs. the national average of 23%. It’s interesting to see this survey come out and see the hard data behind the trends of first-time buyers. How do you feel you priorities stacked up against the surveys? Did you feel like living near a subway or bus line was a major buying decision?
Want to read more? Read which Toronto neighbourhood made the list for top places to move to in 2013 HERE.