{"id":5509,"date":"2017-04-13T11:11:53","date_gmt":"2017-04-13T18:11:53","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5509"},"modified":"2017-04-11T17:45:53","modified_gmt":"2017-04-12T00:45:53","slug":"top-financial-reasons-canadians-sell-their-homes","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/04\/top-financial-reasons-canadians-sell-their-homes\/","title":{"rendered":"Top Financial Reasons Canadians Sell Their Homes"},"content":{"rendered":"<p style=\"text-align: justify;\">The threat of a housing market downturn has some Canadian homeowners listing their homes for sale.<\/p>\n<p style=\"text-align: justify;\">So suggests a new CIBC survey of more than 3,000 Canadians aged 18 and up.<\/p>\n<p style=\"text-align: justify;\">Cashing out before an expected home price drop is the second-most-common financially related reason survey respondents cite as their top motivation for plans to sell their homes.<\/p>\n<p style=\"text-align: justify;\">In total, 22% of respondents who own homes indicate that\u2019s why they intend to put their homes on the market<\/p>\n<p style=\"text-align: justify;\">Across three age segments, the share of respondents who indicated this as their top pick ranged from 21% to 23%, suggesting it\u2019s consistently top of mind for a large share of Canadians regardless of age.<\/p>\n<p style=\"text-align: justify;\">Although, 54% of all respondents say housing prices will \u201cnever\u201d drop, and only 4% say home prices will fall in less than a year.<\/p>\n<p style=\"text-align: justify;\">Some 16% see housing prices declining in the next one or two years, however.<\/p>\n<p style=\"text-align: justify;\">The most common financial reason for planning to sell a home is, well, so the owners can simply move into another.<\/p>\n<p style=\"text-align: justify;\">In fact, \u201cto invest in another or larger home\u201d was the top reason for 23% of respondents planning to sell.<\/p>\n<p style=\"text-align: justify;\">For Canadians between the ages of 18 and 34, otherwise known as Millennials, the share jumps to 46%, and it sinks to just 9% for those 55 and over.<\/p>\n<p style=\"text-align: justify;\">Some 24% of those aged 35 to 54 listed buying another home as their top reason.<\/p>\n<p style=\"text-align: justify;\">Financing retirement was the third most popular reason for planning to sell at 21%, but unsurprisingly it wasn\u2019t top of mind for many under the age of 35.<\/p>\n<p style=\"text-align: justify;\">Only 10% of this demographic cited it as their top selling motivator, while 26% of the 55-and-up crowd and 21% of the 35-54 group did so.<\/p>\n<p style=\"text-align: justify;\">\u201cIn today\u2019s market, homeowners are facing a conundrum as to whether to buy, sell or stay put,\u201d said David Nicholson, vice president of CIBC Imperial Service, in a statement.<\/p>\n<p style=\"text-align: justify;\">The top reasons Millennial homeowners plan to put their homes on the market differed.<\/p>\n<p style=\"text-align: justify;\">Among this young demographic, 63% say it\u2019s because their mortgages and other housing costs are \u201cmaking them cash poor.\u201d<\/p>\n<p style=\"text-align: justify;\">Meantime, 57% are worried about the possibility of rising interest rates, and for 36%, renting just makes more sense to them.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s important to choose the house and mortgage that you can afford so that you can manage your cashflow and won\u2019t end up with buyer\u2019s remorse,\u201d Nicholson pointed out.<\/p>\n<p style=\"text-align: justify;\">The top reason for not selling? For 62% of homeowners, it\u2019s the high cost of another house that\u2019s responsible for their reluctance to sell.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/04\/top-3-financial-reasons-canadians-sell-homes.html\" target=\"_blank\">These Are the Top 3 Financial Reasons Canadians Sell Their Homes<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The threat of a housing market downturn has some Canadian homeowners listing their homes for sale. So suggests a new CIBC survey of more than 3,000 Canadians aged 18 and &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/04\/top-financial-reasons-canadians-sell-their-homes\/\">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-5509","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>Top Financial Reasons Canadians Sell Their Homes &#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\/2017\/04\/top-financial-reasons-canadians-sell-their-homes\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Top Financial Reasons Canadians Sell Their Homes &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The threat of a housing market downturn has some Canadian homeowners listing their homes for sale. 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