Canadian Homebuyers Leaving City Centres For The Suburbs: Poll

Canadians continue to leave urban centres in the wake of the COVID-19 pandemic.

A new poll from Bank of Montreal (TSX:BMO) has found that nearly half (47%) of first-time homebuyers are looking to move to the suburbs and leave city centres.

More than one-third of survey respondents say they are looking at smaller cities, while just 30% of people said they’re looking at a big urban centre such as Montreal, Vancouver or Toronto.

Among people interested in purchasing a home in a big city, most cite being close to work and not wanting to leave the area they currently live in as the main reasons. Suburban and small-city shoppers are in pursuit of affordability and a larger home — something that’s become increasingly important amid the work-from-home movement.

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The bank’s survey polled 1,000 Canadians who said they are planning to purchase a home in the next 12 months. Among them, 61% said they want a detached home, 32% said they are shopping for a townhouse, and 28% said they want a semi-detached house or condominium.