- 2011 TD Canada Trust Repeat Home Buyers Report finds buyers in Manitoba and Saskatchewan most likely to keep their current property in addition to new one -

TORONTO, Aug. 23, 2011 /CNW/ - Even though they're shopping for a new home, more than a quarter of buyers in Manitoba and Saskatchewan say they will keep their current property (versus 18% nationally). The TD Canada Trust Repeat Home Buyers Report, which surveyed Canadians who recently bought or intend to buy a home that is not their first, found that of those who aren't selling their current home, more than a third say the new purchase will be an investment property (35%), another 30% will move and keep their current home as an investment property and one-in-five (22%) are shopping for a vacation property.

"A home is, obviously, a very big purchase - especially if you will not be selling your previous home to put towards the cost. Even if you're not selling, you may still be able to use the equity in your current home to finance your new one with a Home Equity Line of Credit," says Farhaneh Haque, Director, Mortgage Advice, TD Canada Trust. "A mortgage expert at your bank can walk you through your financing options and show you strategies and products that may save you money and provide flexibility over the course of your mortgage."

Forty-percent of repeat buyers considered a Home Equity Line of Credit (HELOC).  Many would simply like to have it as a financial cushion (48%). Another 46% would use it to finance a renovation.

Manitoba and Saskatchewan buyers movin' on up - earlier than planned

Two-thirds (64%) of Manitoba and Saskatchewan residents are moving on to larger or more luxurious homes and many are moving earlier than they originally planned.  Six-in-ten repeat buyers in Manitoba and Saskatchewan are moving earlier than they expected (39%) or had no intention of moving but now find themselves on the house-hunt again (23%). People in Manitoba and Saskatchewan were among the most likely to say that market conditions played a factor in their decision to buy another home (28% versus 21% nationally).

The top five features that Manitoba and Saskatchewan residents felt they compromised on when they purchased their previous home that they are not willing to budge on this time are a garage or sheltered parking (42%), price (35%), layout of the home (32%), number of bedrooms (29%) and a renovated kitchen (29%).

"If you are dissatisfied with something like the layout or features of your home, a renovation can be a convenient option to save the hassle and expense of moving. A Home Equity Line of Credit will allow you to use the equity you've built in your home to finance the renovation.  Further, if you do ultimately decide to sell, the renovation could increase your resale value," says Haque.

Manitoba and Saskatchewan residents are savvier sellers than last year

The TD Canada Trust Repeat Home Buyers Report showed that 56% of people in the provinces have a mortgage on the home they are moving from and they are among the least likely in the country to take out a mortgage on their new home (58% versus 69% nationally).

In 2010, 21% of Manitoba and Saskatchewan residents who planned to sell their home didn't know they had options when it came to their mortgage.  This year, that number decreased to 15%.  Thirty-two percent of sellers say they will bring their mortgage with them and people in the provinces are the most likely in the country to say they'll use it as a selling feature (21% versus 14% nationally). Although they say they are aware of the options, 32% haven't considered what they will do.

"It's just as important to consider your mortgage options as a seller as when you are buying. You may be overlooking your mortgage as an important selling feature of your home or you may be able to save money by keeping your low rate and bringing your mortgage terms with you. Talk to an expert to find out what option might work for you," says Haque.

About the 2011 TD Canada Trust Repeat Home Buyers Report

Results for this study were collected through a custom online survey conducted by Environics Research Group. A total of 1,025 completed surveys, including 130 in Manitoba and Saskatchewan, were collected between  June 16-28, 2011 of people who have either purchased a home that was not their first home within the past 24 months, or intend to purchase a home that is not their first home within the next 24 months.

About TD Canada Trust

TD Canada Trust offers personal and business banking to more than 11.5 million customers. We provide a wide range of products and services from chequing and savings accounts, to credit cards, mortgages and business banking, to credit protection and travel medical insurance, as well as advice on managing everyday finances. TD Canada Trust makes banking comfortable with award-winning service and convenience through 24/7 mobile, internet, telephone and ATM banking, as well as in over 1,100 branches - most open 8 'til late and many now open Sunday. For more information, please visit: www.tdcanadatrust.com. TD Canada Trust is the Canadian retail bank of TD Bank Group, the sixth largest bank in North America.