(The Canadian Press)

(The Canadian Press)

More than half of B.C.’s first-time homebuyers plan on heading to suburbs for their purchase

First-time buyers largely wanted a detached home, with 61 per cent eyeing that option

More than half of B.C.’s first-time homebuyers plan on making that first purchase out in the suburbs, according to a study released this week by the Bank of Montreal (BMO).

BMO found that 53 per cent planned on making their first buy in the suburbs in B.C., while nationwide 47 per cent planned to do the same . Of those, 44 per cent said the main reason was affordability, while 41 per cent believed they could get a larger home than what they could purchase in a major city.

Just over one-third of first-time homebuyers planned to make their first purchase in a smaller community, while just under one-third planned to buy in a major city centre. Of first-time buyers, 27 per cent were looking at Toronto, 15 per cent at Vancouver and 11 per cent at Montreal and Calgary. For those buyers, staying close to work and not wanting to leave their current area were the main drivers behind staying in those cities.

First-time buyers largely wanted a detached home, with 61 per cent eyeing that option while 32 per cent eyed townhomes, 28 per cent were looking at semi-detached option and 27 per cent at condos.

Hassan Pirnia, head of personal lending and home financing products at BMO, said that remote work was allowing more people to look at homes in locations that may have not made sense prior to the pandemic.

“Between this added work flexibility and price appreciation in some major cities, the expectation is that we will continue to see a push into the suburbs,” Pirnia said.

READ MORE: 1 in 3 young Canadians have given up on owning a home: poll


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

CoronavirusReal estate

Just Posted

Cultural presenter and artist Carman McKay unveiled the new logo he designed for James Hill Elementary on its 25th anniversary. (Special to Langley Advance Times)
A new look and a new name for James Hill Elementary school teams in Langley.

Seawolves name and logo crafted as part of ‘truth and reconciliation’ journey

According to Langley’s Larry Worledge, Brydon Park is a hidden gem in downtown Langley City. It offers a short walking trail, and is home to many birds and even turtles, like this on spotted sunbathing on a log in the lagoon. (Special to Langley Advance Times)
SHARE: Sun worshipping in Brydon Lagoon

Send us your photo showing how you view Langley, and it could be featured in a future edition

Aldergrove Business Association member Karen Long shops at the Aldergrove Save-On-Foods in May as part of a shop local challenge. (File photo)
Save-On-Foods annual campaign for Langley food bank starts Thursday

50 per cent of net proceeds from Western Family brand to be donated

Hearts for Hospice fundraiser happens Sunday, June 20, 2021 at Fort Langley Community Hall from 10 a.m. to 3 p.m. (Langley Hospice/Special to Langley Advance Times)
Sunday: Hearts for Hospice fundraiser at Fort Langley Community Hall

Society is hosting event in support of new 15-bed residence project

People line up to get their COVID-19 vaccine at a vaccination centre, Thursday, June 10, 2021 in Montreal. THE CANADIAN PRESS/Ryan Remiorz
Vaccines, low COVID case counts increase Father’s Day hope, but risk is still there

Expert says people will have to do their own risk calculus before popping in on Papa

The Calgary skyline is seen on Friday, Sept. 15, 2017. THE CANADIAN PRESS/Jeff McIntosh
2 deaths from COVID-19 Delta variant in Alberta, 1 patient was fully immunized

Kerry Williamson with Alberta Health Services says the two patients, a man and a woman likely acquired the virus in the hospital

B.C. Public Safety Minister Mike Farnworth and Attorney General David Eby attend opening of the first government-run B.C. Cannabis Store, Kamloops, Oct. 19, 2018. (B.C. government)
B.C. government to allow home cannabis delivery starting July 15

Added convenience expected to persuade buyers to ‘go legal’

The first suspension bridge is the tallest in Canada, with a second suspension bridge just below it. The two are connected by a trail that’s just over 1 km. (Claire Palmer photo)
PHOTOS: The highest suspension bridges in Canada just opened in B.C.

The Skybridge in Golden allows visitors to take in views standing at 130 and 80 metres

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

BC Green Party leader and Cowichan Valley MLA Sonia Furstenau introduced a petition to the provincial legislature on Thursday calling for the end of old-growth logging in the province. (File photo)
BC Green leader Furstenau introduces old-growth logging petition

Party calls for the end of old-growth logging as protests in Fairy Creek continue

B.C. Premier John Horgan leaves his office for a news conference in the legislature rose garden, June 3, 2020. (B.C. government photo)
B.C. premier roasted for office budget, taxing COVID-19 benefits

Youth addiction law that triggered election hasn’t appeared

A vial containing the Moderna COVID-19 vaccine is shown at a vaccination site in Marcq en Baroeul, outside Lille, northern France, Saturday, March 20, 2021. THE CANADIAN PRESS/AP/Michel Spingler
mRNA vaccines ‘preferred’ for all Canadians, including as 2nd dose after AstraZeneca: NACI

New recommendations prioritizes Pfizer, Moderna in almost all cases

Homicide investigators say the disappearance of a 33-year-old Burnaby man is linked to ongoing gang warfare in the Lower Mainland. (IHIT)
Disappearance of Burnaby man no accident, foul play suspected: IHIT

Parminder Paul Rai, 33, is known to police for his connection to drug and gang activity, says Sgt. Frank Jang

Most Read