Are Quebecers Underprepared When Buying Their First Home?

Are Quebecers Underprepared When Buying Their First Home?

In a recently published TD Canada Trust 2012 report, Quebec residents state that they should have done more research before purchasing their first home.

The report shows that 50% of buyers say they should have paid more attention to their budget and all costs linked to the property. They also mention that a preauthorised loan should have been on their priority list. In the majority of cases, 68% of Quebecers look for single-family homes while co-property is far behind with only 15%.

Results from a survey demonstrate that many Quebecers in the process of buying their first home did not take into consideration many costs. 23% admit to have overlooked permanent costs such as maintenance and public services, 15% certain costs associated with the property’s acquisition, such as inspection fees and transfer tax, and 13% only took into account the down payment and the monthly mortgage payment.

We can see that many Quebecers have perhaps not prepared for a potential increase in interest rates: 63% do not worry about associated property costs should there be an increase, compared to 45% across Canada for the same reason. Quebecers buy property mainly because (54%) they are fed up of paying rent, (33%) obtained a full-time job, or (31%) they wish to have a family and need more room.

Internationally, 60% of first-time buyers admit that they wished they’s saved more to cover house buying costs. Compare this to only 34% of Quebecers. According to a survey, first-time buyers are mainly looking for single homes (68%), co-propriety (15%). The main five factors that buyers take in consideration during their research are: the price (98%), the layout of the rooms (94%), the number of bedrooms (91%), the house’s characteristics (93%), and the yard’s dimensions (82%).

The 2012 TD Canada Trust report was conducted by the Environics Research Group on 1,002 Canadians of 18-years and older, 232 are Quebecers, who bought their first property in the last two years or plan to do so in the next two years.
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LifeinQuebec.com staff writer

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