Stephen Dupuis – Toronto Sun

Those who have followed my columns over the years are probably aware by now that my favourite slogan is “Buy new, buy now.”

According to TD Canada Trust’s 2010 Home Buyers Report, the message is catching on in a big way.

Nearly three-quarters of Canadians (73%, to be exact) who have purchased their first home in the past two years or who intend to purchase a home in the next two years have their sights set on a brand new home as opposed to a resale property.

This means that when presented with two similar homes, most home buyers will look past the resale property, provided that the price point remains the same.

While I don’t find this the least bit surprising (price will forever rule buyers’ purchasing decisions, securing 99% of the vote in 2010), I was happy to learn that our industry works with a savvy consumer base (spending more than seven months looking for a home and viewing more than 15 homes on average before buying) that appreciates the quality of work that goes into a new development.

Not only are new homes just as affordable, they are often loaded with value-added incentives such as green features which guarantee cost-savings down the road.

Features of the home were checked off as an important factor by 96% of those surveyed, and with a growing number of communities being built to Energy Star standards (not to mention the greening of the Building Code in 2012) I expect to see an even bigger interest in new homes once the word gets out on the cost-effectiveness of new green technologies.

Is bigger really better?

Most people will tell you that there are three main rules to buying a home. They are, in no particular order, location, location and location.

At the same time, bigger is better, as the saying goes. These two principles can be a bit contradictory, given the fact that location is usually based on proximity to work.

A large number of home buyers work in the city’s downtown area, which is home to mostly smaller high-rise units. So does size outweigh location?

It appears that the rules are split when it comes to this year’s survey results, with 55% of new home buyers opting for a smaller home closer to work, while 45% willing to put up with a longer commute in favour of more living space.

Keeping that in mind, more than half of the people surveyed said they prefer a detached home, beating out condominium suites (21%), townhomes (12 %) and semis (10%) combined.

Condomania

Despite these survey results, don’t rule out the noble condominium just yet.

While we all know that condo living has become a hot new trend, my friend and colleague George Carras of RealNet Canada Inc. (BILD’s official, independent source of new home market information) recently pointed out that sales of new high-rise units are at an all-time high.

The 8,170 new condos sold from January to May of this year represents the highest total ever for that period, well above the annual average of 5,850 units since the year 2000.

In fact, with 16,000 high-rise starts in 2009, Toronto leads the way in North America when it comes to the so-called condomania, doubling that of its closest rival, New York City.

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Contact the Jeffrey Team for more information  –  416-388-1960

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