(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

An ambulance waits to pick up an elderly couple injured in a vehicle collision in Christina Lake Monday, June 14. Photo: Laurie Tritschler
Christina Lake collision under investigation, say Grand Forks RCMP

No one was seriously hurt in a two-car collision on Highway 3 Monday, June 14

The Kootenay International Junior Hockey League met for their AGM and announced a number of new initiatives, new awards and changes in their executive committee, as well as the starting date for the 2021-22 season. Paul Rodgers file.
KIJHL announces start dates for 2021-22 season

Season set to begin Oct. 1 with league still following all health guidelines

South Slocan’s Ti Loran is among the recipients of this year’s Neil Muth Memorial Scholarship. Photo: Submitted
Neil Muth Memorial Scholarships awarded to 4 students

Students in Creston, South Slocan and Revelstoke are sharing the honour

The Independent Investigations Office of BC is looking into a Castlegar incident. File photo
Police watchdog investigating Castlegar incident

IIO: Woman sustained a reportedly self-inflicted injury

West Kootenay Regional Airport. Photo: Betsy Kline
Central Mountain Air leaving Castlegar airport in July

The airline says market can’t handle two airlines

Canadian Prime Minister Justin Trudeau participates in a plenary session at the G7 Summit in Carbis Bay, England on Friday June 11, 2021. THE CANADIAN PRESS/Adrian Wyld
Canada donating 13M surplus COVID-19 vaccine doses to poor countries

Trudeau says the government will pay for 87 million shots to be distributed to poor countries

Montreal Canadiens goaltender Carey Price (31) is scored on by Vegas Golden Knights defenseman Alec Martinez, not pictured, during the second period in Game 1 of an NHL hockey Stanley Cup semifinal playoff series Monday, June 14, 2021, in Las Vegas. (AP Photo/John Locher)
Habs fall 4-1 to Vegas Golden Knights in Game 1 of NHL semifinal series

Match was Montreal’s first game outside of Canada in 2021

Kelowna-Lake Country MLA Norm Letnick, assistant deputy speaker at the B.C. legislature, presides over committee discussions. The legislature is completing its delayed spring session this week, with most MLAs participating by video conference. (Hansard TV)
B.C.’s daily COVID-19 infections dip below 100 over weekend

Only 68 new cases recorded Monday, four additional deaths

B.C. ambulance station in Revelstoke is expected to get a new system called the Scheduled On-Call (SOC) this fall. (Liam Harrap - Revelstoke Review)
B.C. ambulance changes could put Revelstoke residents at risk, warn local paramedics

Paramedics said to expect a substantial increase in ambulance response time starting this fall

The BC Ferries website went down for a short while Monday morning following a provincial announcement that recreational travel between health authorities can resume Tuesday. (Black Press Media file photo)
BC Ferries’ website crashes in wake of provincial reopening announcement

Website back up now, recreational travel between health regions to resume as of Tuesday

The Kamloops Indian Residential School is photographed using a drone in Kamloops, B.C., Monday, June, 14, 2021. The remains of 215 children were discovered buried near the former school earlier this month. THE CANADIAN PRESS/Jonathan Hayward
Communities grapple with what to do with former residential and day schools

Some tear them down as a tool to help healing, others repurpose them as tools for moving forward

FILE – Provincial health officer Dr. Bonnie Henry talks about B.C.’s plan to restart the province during a press conference at Legislature in Victoria, Tuesday, May 25, 2021. THE CANADIAN PRESS/Chad Hipolito
B.C. watching U.K.’s COVID struggles but don’t think province will see similar pitfalls

Studies show that one dose of vaccine is only 33 per cent effective in preventing B.1.617.2 spread

RCMP Const. Shelby Patton is shown in this undated handout photo. RCMP say that Patton was hit by an allegedly stolen truck that he had pulled over on Saturday morning in Wolseley, east of Regina. THE CANADIAN PRESS/HO, RCMP
Pair charged in Saskatchewan Mountie’s death make first court appearance

Const. Shelby Patton was hit by an allegedly stolen truck that he had pulled over Saturday morning

David and Collet Stephan leave for a break during an appeal hearing in Calgary on Thursday, March 9, 2017. THE CANADIAN PRESS/Todd Korol
Appeal Court rejects stay for Alberta couple facing third trial in son’s death

Pair accused in their earlier trials of not seeking medical attention for their son sooner

Most Read