Home buying through the years
Canadian homeowners tend to buy and sell in patterns that mirror their passage through various life stages.
Purchasing a home is a different experience for everyone, and, as we learn in this article, varies depending on your stage of life. Life events tend to influence many of the factors in the home buying process, which tends to be the largest purchase any of us will make in our lifetime.
While young home buyers may be more focused on securing a low mortgage rate, (research shows that 70% of home buyers between the ages of 18 and 34 have a fixed rate mortgage) buyers at the next stage of life are likely looking to upgrade, and may be more focused on characteristics of the home and neighborhood.
Findings also show that experience in home ownership can lead to a certain level of comfort, and unfortunately, indifference when renewal time comes around. Close to 70% of Canadians renewing their mortgage don't take the time to shop around for a lower rate.