Condos edge out detached homes in British Columbia
July 7, 2010
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Condos narrowly edged out detached homes in B.C. as the number one choice for first-time homebuyers, according this week’s TD Canada Trust Home Buyers Report.
A contrast to rest of the country, 37 per cent of B.C. home buyers bought or intended to buy a condominium, while 36 per cent bought or intended to buy a detached home. Nationally, the numbers compare to 21 per cent for condominiums and 58 per cent for detached home purchases or intentions.
The report surveyed Canadians who have purchased their first home in the last two years or who intended to purchase a home in the next two years.
On average, B.C. buyers spend eight months looking for a home and view almost 15 homes before buying, the report says. Despite this, B.C. residents are least likely to say they will never move, and they are most likely to plan to spend less than three years in their first home (15 per cent versus 11 per cent nationally).
Price of the home is the most important factor when considering what kind of home to buy in B.C., with 100 per cent of respondents indicating this as a primary concern. Price concerns were closely followed by the layout of the home (97 per cent) and features of the home (96 per cent), the report says.
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