You gotta take a little, give a little
A mixture of logic and dreams makes up every decision to buy a new home, with compromises leading up to taking possession.
The 2018 Modern Family Homeownership Trends survey and report found only 18 percent of families said they had not made any compromises in the homes they purchased.
Of the other 82 percent, the main compromises made are going over budget, buying a home that needs more renovations than desired, buying an older property and having less yard space, with slightly less than 20 percent of families citing these factors as being among their top three compromises.
To compile the report, Mustel Group and Sotheby’s International Realty Canada surveyed homeowners in Vancouver, Calgary, Toronto and Montreal about various aspects of homeownership, including the top three compromises they made.
The most frequently cited compromises varied slightly across the major metropolitan areas.
In Vancouver, buying a home above target budget, with less than desired yard space and buying an older home, are the top three compromises reported, at rates of 23 percent, 22 percent and 18 percent respectively.
In Calgary, families reported excessive price, yard space and distance from city centre/downtown as the leading compromises, at rates of 23 percent, 21 percent and 20 percent respectively.
Toronto families reported the need for renovation (20 percent), above budget home price (19 percent) and square footage (19 percent) as their key compromises.
Property age (22 percent), lack of garage (20 percent) and distance from the city centre/downtown core (19 percent) were cited as the most frequent compromises made by families in Montreal. Montreal’s modern families are the least likely to compromise their target budget when buying a home at a level of 12 percent.