More than two-thirds of repeat homebuyers believe their next house purchase won't be their last, according to a new survey by TD Canada Trust.
Out of 1,000 participants, more than 23 per cent said they plan to move again within six years ago. One in five repeat buyers has owned more than five homes. The survey participants either purchased a home that was not their first within the past two years, or intend to purchase a home that is not their first within the next two years.
Roughly half of Canadians will look for a smaller house, while the rest want to upsize. Most intend to find a fully detached home for their next purchase.
As a result, 51 per cent will need to take out a mortgage to finance their next purchase, said TD.