(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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Stock photo.
Grand Forks drug trafficker to be sentenced in Castlegar

Ryan Plotnikoff pleaded guilty to trafficking meth, following his November 2020 arrest by Grand Forks RCMP

Stuart Ashley Jones, 56, was at Grand Forks provincial court for sentencing on May 5, 2021. Photo: Laurie Tritschler
Grand Forks man shot by police during peak freshet sentenced to house arrest

Stuart Ashley Jones was shot by a Grand Forks Mountie after ramming two police cruisers in May 2018

Accused drug trafficker to plead to federal, provincial charges in June

Matthew Straume said he’d missed his last court date because he was ill

Photo: Laurie Tritschler
Grand Forks sex crimes trial adjourned until summer

The trial was set to begin at the city courthouse Wednesday, May 5

Photo: Kathleen Saylors
Grand Forks city council votes down motion to support Penticton in paramountcy battle

Coun. Neil Krog insisted Penticton’s issue with Victoria is about city bylaws, not homelessness

Thursday, Feb. 4: RDKB Chief Engineer Darryl Funk hoists a banner commemorating last year’s championship season by the Bantam House Bruins. Photo: Laurie Tritschler
Bantam Bruins honoured at hair-raising banner ceremony at Grand Forks’ Jack Goddard Arena

Asst. coach Mike Tollis said he reluctantly gave in to the team’s victory wish that he cut his pony tale

Junior A team Coquitlam Express is offering all Tri-City residents who get vaccinated against COVID-19 a free ticket to one of their games. (Facebook/Coquitlam Express)
B.C. hockey team offering free tickets to hometown fans who get the COVID-19 vaccine

‘We know the only way to get fans back is people getting vaccinated,’ says Express’ general manager Tali Campbell

Jobs Minister Ravi Kahlon speaks in the B.C. legislature, describing work underway to make a small business and tourism aid package less restrictive, Dec. 10, 2020. (Hansard TV)
B.C.’s latest COVID-19 restrictions cost thousands of service jobs

Part-time workers set back again by spike in virus spread

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

A sign indicating face coverings are required by the establishment is pictured on the front door of a business in Vancouver, B.C., Friday, April 9, 2021. COVID-19 cases have been on a steady increase in the province of British Columbia over the past week. THE CANADIAN PRESS/Jonathan Hayward
A sign indicating face coverings are required by the establishment is pictured on the front door of a business in Vancouver, B.C., Friday, April 9, 2021. COVID-19 cases have been on a steady increase in the province of British Columbia over the past week. THE CANADIAN PRESS/Jonathan Hayward
Leaked report shows detailed B.C. COVID-19 data not being released to public

Documents obtained by the Vancouver Sun show cases broken down by neighbourhoods

Abbotsford school board trustee Phil Anderson has stepped down after sharing an offensive image on Facebook. (File photo)
Abbotsford trustee temporarily steps down after sharing post relating COVID masks to slavery

Phil Anderson to receive training to better understand provincial mask mandate after posting picture

B.C. announced the launch of an app May 7 that connects youth struggling with mental health and substance use with “life-saving” social services. (Screen grab)
5 years in the making: Mental health app for youth and children launches in B.C.

The province provided $1.6-million to fund a virtual care platform

Amazon has announced the creation of five new facilities in B.C., to employ about 2,000 people. (Amazon/Special to Black Press Media)
Amazon adds new facilities in Langley, Pitt Meadows, Delta, Vancouver

The Vancouver port centre will be the first Amazon centre to feature robotics in B.C.

Mahitha Mohan is working in Nelson as a community support worker at Community Connections Support Services. Photo: Bill Metcalfe
Immigration pilot targets hard-to-fill jobs in West Kootenay

Program helps newcomers get permanent residency status in rural areas

Most Read