"Location, Location, Location"-BMO Report Shows Safety, Quiet Street and Good Neighbours Are Top Priorities for Home Buyers

"Location, Location, Location"-BMO Report Shows Safety, Quiet Street and Good 
Neighbours Are Top Priorities for Home Buyers 
- First-time buyers more likely than repeat buyers to consider
commute to work, public transit and stores and restaurants when
buying a home  
- Report reveals differences among regions and major city centres  
- BMO and Canadian Real Estate Association offer advice for buyers
and sellers 
TORONTO, ONTARIO -- (Marketwired) -- 05/09/13 -- While there are a
number of factors to consider when deciding on the right location to
buy a home, Canadians view the safety of a neighbourhood to be the
most important (63 per cent) feature of a home's location, according
to a new BMO Bank of Montreal survey. 
The survey, conducted by Pollara, also found that living on a quiet
street (43 per cent), having good neighbours (30 per cent), having a
short commute to work (28 per cent) and being near family and friends
(25 per cent) rank high on Canadians' list of location priorities
when buying a home. 
"Everyone has a unique set of personal and financial priorities, so
it's important that those particular needs are considered when
deciding on the right location to purchase a home," said Laura
Parsons, Mortgage Expert, BMO Bank of Montreal. "Taking a practical
approach to home buying is the key to preventing yourself from
getting 'swept away' by the bells and whistles of a house. Home
buyers should make a list of needs versus wants and prioritize them
in order of highest to lowest importance."  
The poll also revealed that significant differences become apparent
when comparing the national averages to first-time home buyers. For
instance: 


 
--  Having a short commute to work is more important to first-time buyers
    than the average buyer (34 per cent versus 28 per cent) 
--  Living near public transit (28 per cent versus 19 per cent) is also
    higher on the priority list for first-timers than repeat buyers 
--  However, living on a quiet street (30 per cent versus 43 per cent) and
    having good neighbours (21 per cent versus 30 per cent) are far less
    important to first-timers 
 
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LOCATION                FIRST-TIME                                          
 PRIORITIES    NATIONAL   BUYER                     REGION                  
                                  ------------------------------------------
                                   ATL QC  ON  MB/SK AB  BC  Mon Tor Cal Van
----------------------------------------------------------------------------
Safe                                                                        
 neighbourhood   63%       62%     71% 55% 63%  73%  67% 63% 59% 60% 64% 62%
----------------------------------------------------------------------------
Quiet street     43%       30%     41% 54% 39%  37%  41% 42% 48% 28% 37% 37%
----------------------------------------------------------------------------
Good                                                                        
 neighbours      30%       21%     38% 25% 31%  32%  30% 28% 21% 25% 23% 23%
----------------------------------------------------------------------------
Short commute                                                               
 to work         28%       34%     23% 30% 26%  38%  30% 28% 28% 28% 35% 33%
----------------------------------------------------------------------------
Near friends                                                                
 and family      25%       20%     26% 28% 24%  28%  22% 23% 27% 25% 22% 22%
----------------------------------------------------------------------------
Near stores                                                                 
 and                                                                        
 restaurants     23%       28%     28% 20% 23%  24%  23% 26% 22% 24% 26% 32%
----------------------------------------------------------------------------
Near public                                                                 
 transit         19%       28%     9%  20% 21%  11%  15% 21% 28% 31% 20% 29%
----------------------------------------------------------------------------

 
Ms. Parsons encourages buyers and sellers to be aware of any changing
conditions on the local level. "If planning to buy or sell a
property, consider working with an expert who can help you make
decisions that are appropriate to the health of your local market,
and more importantly, that fit within your particular personal and
financial priorities. 
"Getting pre-approved financing, choosing a fixed rate and
stress-testing mortgage payments in advance of buying a home can
provide peace of mind and help home buyers become mortgage-free
sooner," added Ms. Parsons. 
"REALTORS(R) are always available to help buyers find the property
that's right for them," said Laura Leyser, President of The Canadian
Real Estate Association. "And to provide consumers with information
to help them through this difficult and emotional process, our
Homebuyers' Road Map, developed in collaboration with the Financial
Consumer Agency of Canada, is available online at
www.crea.ca/resources." 
The BMO Home Buying Report was conducted by Pollara. Survey results
cited in this report are from online interviews with a sample of
2,000 Canadians 18 years of age and over, conducted between February
25 and March 5, 2013. As a guideline, a probability sample of this
size would yield results accurate to +/- 2.2 per cent, 19 times out
of 20. Data has been weighted by region, gender, and age, based on
the most recent Census figures, so that it is representative of all
adult Canadians.  
About BMO Financial Group  
Established in 1817 as Bank of Montreal, BMO Financial Group is a
highly-diversified North American financial services organization.
With total assets of $538 billion as at January 31, 2012, and more
than 47,000 employees, BMO Financial Group provides a broad range of
personal and commercial banking, wealth management and investment
banking products and solutions.
Contacts:
Media Contacts:
Jessica Park, Toronto
(416) 867-3996
jessica1.park@bmo.com 
Valerie Doucet, Montreal
(514) 877-8224
valerie.doucet@bmo.com 
Laurie Grant, Vancouver
(604) 665-7596
laurie.grant@bmo.com 
Internet: www.bmo.com
Twitter: @BMOmedia