CALGARY - One in five Alberta repeat homebuyers are going house hunting for homes they don't plan to live in, says a report released today.

Compared to other Canadians, Albertans are twice as likely to be looking for a vacation home (13 per cent versus five per cent nationally) and another six per cent are looking to buy a rental property, said the TD Canada Trust Repeat Home Buyers Report, which surveyed Canadians who have either purchased or intend to purchase a home that was not their first home.

"In Alberta, we've seen a buyers' market develop and many repeat buyers have been able to take advantage of opportunities because of the equity they've built in their current home," said Jessy Bilodeau, Calgary-based, Mobile Mortgage Specialist with TD Canada Trust. "Many Alberta homeowners have paid off their mortgage, giving them the freedom to take advantage of opportunities in the market."

Albertans are most likely in the country to own their current home without a mortgage (41 per cent vs. 32 per cent).

Those who are selling their current home in Alberta are most likely to say that the proceeds from the sale of their house will be more than the value of their new home (51 per cent versus 34 per cent nationally), leaving extra funds for them to use elsewhere. Another third say the proceeds will be less than the value of their new home, meaning they will have to take out a mortgage.

mtoneguzzi@calgaryherald.com