Has the pandemic convinced you to get out of the city?
A recent survey from BMO found that nearly 50 per cent of first-time homebuyers want more space, which is why they intend to purchase their first home in the suburbs.
According to the findings, 44 per cent of respondents believe purchasing a home in the suburbs would be more affordable, while 41 per cent believe it would provide more space than a home in a major urban centre.
Additionally, 35 per cent of would-be homebuyers are looking at properties in smaller cities and towns due to the increased space and affordability.
Conversely, only 30 per cent of potential homebuyers are considering urban cities, such as Toronto, Montreal, and Vancouver.
“With remote work expected to continue over the long-term, first-time homebuyers have the flexibility to look for a home that isn’t necessarily next door to where they work,” Hassan Pirnia, head of Personal Lending and Home Financing Products for BMO Bank of Montreal, said in a news release.
“Between this added work flexibility and price appreciation in some major cities, the expectation is that we will continue to see a push into the suburbs. Regardless of where first-time buyers are looking, having a clear understanding of budget and affordability is important and that’s why we recommend that buyers get pre-approved and speak with a mortgage specialist about their housing expectations. It will provide them with greater transparency at the start of their housing journey,” he continued.