{"id":1686,"date":"2016-04-20T11:11:06","date_gmt":"2016-04-20T18:11:06","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1686"},"modified":"2016-04-20T12:12:24","modified_gmt":"2016-04-20T19:12:24","slug":"anxious-homebuyers-in-toronto-vancouver-are-rushing-to-close-deals","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/04\/anxious-homebuyers-in-toronto-vancouver-are-rushing-to-close-deals\/","title":{"rendered":"Anxious Homebuyers in Toronto &#038; Vancouver are Rushing to Close Deals"},"content":{"rendered":"<p style=\"text-align: justify;\">Fear of missing out, or FOMO, is motivating homebuyers in Canada\u2019s hottest markets, a new survey suggests.<\/p>\n<p style=\"text-align: justify;\">Some 19% of Toronto and Vancouver homeowners say that FOMO played a part in their decision to buy their homes when they did, according to the TD Homebuyer Fear of Missing Out Poll.<\/p>\n<p style=\"text-align: justify;\">And FOMO is also affecting those looking to get into these markets sometime in the future.<\/p>\n<p style=\"text-align: justify;\">The possibility of rushing the transaction process just to seal a deal is a concern for one in five of the prospective buyers who responded to the survey, conducted from February 25 to March 17, of 6,337 Canadians aged 18 and up.<\/p>\n<p style=\"text-align: justify;\">The thought of speeding through this process is not the only cause of anxiety for these possible future homeowners, as 18% are concerned about simply buying too fast so they can beat out competing bidders.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, 13% of not-yet owners are worried about being kept on the sidelines.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s understandable that house hunters don\u2019t want to miss out on buying their dream home, but that shouldn\u2019t come at a cost they can\u2019t really afford,\u201d says Marc Kulac, TD\u2019s associate vice president of Real Estate Secured Lending.<\/p>\n<p style=\"text-align: justify;\">Underscoring the importance of doing research before making a decision, he points to the 40% of prospective first-time buyers surveyed who indicated they were worried they don\u2019t understand the full cost of owning a home.<\/p>\n<p style=\"text-align: justify;\">\u201cThere\u2019s more to consider beyond purchase price, interest rate and the monthly mortgage payment,\u201d adds Kulac. \u201c(Buyers) first need to look at their financial reality to determine what they can afford each month along with ongoing expenses (groceries, daycare, transportation and long-term savings goals),\u201d he lists.<\/p>\n<p style=\"text-align: justify;\">If a recent real estate forecast pans out, buyers\u2019 FOMO may only worsen.<\/p>\n<p style=\"text-align: justify;\">In a report published last week, RBC said that it expected Canadian home prices to rise by 3.1 per cent this year, following 2015\u2019s 4.8% increase. Home prices on the national level are heavily influenced by transactions in Toronto and Vancouver.<\/p>\n<p style=\"text-align: justify;\">In Ontario and BC (the bank only forecasts at the provincial level), price gains of 4.5% and 6.4% are expected through 2016.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/04\/anxious-homebuyers-toronto-vancouver-rushing-close-deals.html\" target=\"_blank\">Anxious Homebuyers in Toronto &amp; Vancouver are Rushing to Close Deals<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fear of missing out, or FOMO, is motivating homebuyers in Canada\u2019s hottest markets, a new survey suggests. Some 19% of Toronto and Vancouver homeowners say that FOMO played a part &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/anxious-homebuyers-in-toronto-vancouver-are-rushing-to-close-deals\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-1686","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Anxious Homebuyers in Toronto &amp; Vancouver are Rushing to Close Deals &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/anxious-homebuyers-in-toronto-vancouver-are-rushing-to-close-deals\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Anxious Homebuyers in Toronto &amp; Vancouver are Rushing to Close Deals &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Fear of missing out, or FOMO, is motivating homebuyers in Canada\u2019s hottest markets, a new survey suggests. 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