Being close to transit, not so much friends and family, a priority, BMO says

Susan Pigg – Toronto Star

Commute times are becoming key for first-time homebuyers, according to a new BMO survey.

Of course, finding a home in a safe neighbourhood is still the top concern, ranking as the first priority for 62% of first-time buyers surveyed, just below the 63% national average among buyers overall.

But the No. 2 priority for first-time buyers — which has helped fuel the boom of downtown cores and condos in Toronto and other major cities across the country over the last decade — is being near transit, according the BMO survey.

Some 28% of first-time buyers say being near subway or bus lines is a major driving force in their buying decisions, significantly more than the national average of 19% among all other buyers, the report shows.

They’re also not keen to waste a lot of time just getting to and from work, with some 34% of first-time buyers looking for short commutes, compared to the national average of 28%.

That emerging trend has been playing out in Toronto over the last five years in particular, helping to fuel the explosion of highrise condos and the development of burgeoning neighbourhoods like Liberty Village, and also driving up prices and fuelling bidding wars for houses in coveted neighbourhoods within an easy commute of the core.

Being near family and friends, it turns out, is far less important for first-time buyers, with just 20% expressing that as a priority, compared to the national average of 25%.

Not surprisingly, a significant number of those childless young professionals looking to buy their first home are looking to be close to the action, with 28% keen to find a place close to restaurants and stores (compared to the national average of 23%) and just 30% set on being on a quite street, compared to the 43% of other buyers surveyed.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto Realtor with Century 21 Regal Realty. He did not
write these articles, he just reproduces them here for people who are
interested in Toronto real estate. He does not work for any builders.
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