Short commute to work, public transit among priorities for first-time homebuyers: BMO survey
Posted May 9, 2013 7:06 pm.
This article is more than 5 years old.
When it comes to real estate we all know the saying “location, location, location.”
But there is a big difference between what first-time homebuyers want and those already in the market.
A BMO survey of homebuyers finds the number one priority is a safe neighbourhood — but after that there is a definite split among first-time buyers and those who are repeat buyers.
BMO’s Laura Parsons says first-time buyers rate being near public transit and having a short commute to work as more important than those already in the market.
According to the survey, 28 per cent of first-time buyers consider being near public transit a priority versus 19 per cent of repeat buyers.
Meanwhile, 34 per cent of first-time buyers consider a short commute to work important versus 28 per cent of repeat buyers.
“It’s their first home and budget is really, really important — so it is with everybody — but they’re more focused on what it’s going to cost,” Parsons said.
“Living near transit will save them tons of money, especially if they’re working in inner city,” she said.
Those who have already owned a home consider having good neighbours more important than first-time buyers.
