More than half of Calgarians feel either stressed or anxious when buying a home, according to the BMO Psychology of House Hunting Report which was released Thursday.
The poll looked at the emotions of people when buying a home — 24 per cent in Calgary said they were stressed and 27 per cent said they were anxious. Other emotions included excited (52 per cent), cautious (46 per cent), and optimistic (33 per cent).
Nationally the results were: 48 per cent, excited; 41 per cent, cautious; 31 per cent, optimistic; 25 per cent, stressed; and 21 per cent, anxious.
The report said Canadian homeowners spent an average of five months house hunting and visited 10 homes before making the decision to buy.
It also found: 80 per cent of prospective buyers know if a home is right for them as soon as they step inside; 68 per cent of likely buyers are willing to settle for a home that’s less than ‘perfect’; 33 per cent feel rushed into making a purchase – a number that rises to 39 per cent among first-time buyers; and the biggest worry on the minds of home buyers is finding something wrong with the home after the purchase (71 per cent), followed by a post-purchase drop in prices (55 per cent).
“It’s important to take a practical approach when house hunting and have a clear idea of where you stand financially to ensure you make a responsible home buying decision,” said Laura Parsons, Mortgage Expert, BMO Bank of Montreal. “Doing research ahead of time and setting realistic expectations can help you avoid making an uninformed or rushed purchase.”
According to the report, 44 per cent of current homeowners say they bought their home because they felt it was a good investment; 37 per cent stated they were motivated to buy because they felt the time was right to get into the market. Another 23 per cent bought because they wanted to move to a new neighbourhood, and 18 per cent bought because their family was expanding.
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