Majority of Canadians Confident about Buying a Home
TORONTO, Ont. - March 9, 2011 - An overwhelming majority of Canadians (90 per cent) are confident about real estate in Canada as an investment and 85 per cent feel that they are doing a good or excellent job of paying down their mortgage, according to the 18th Annual RBC Homeownership Study. Almost three-quarters of Canadians (73 per cent) believe that they or their family are well-positioned to weather a housing drop.
Interest in purchasing a home over the next two years has declined slightly but remains high overall, as 29 per cent say it’s likely they will buy. The poll found that 40 per cent of Canadians feel the current housing market is balanced equally between buyers and sellers, a rise of five points over 2010. Homebuyers list rising home prices (26 per cent) as their number one concern about purchasing a home followed by rising mortgage rates (22 per cent).
Highlights from across Canada:
British Columbia: Interest in buying a home has remained steady in B.C. with 29 per cent of residents likely to buy a home in the next two years.
Alberta: Interest in purchasing a home has declined in Alberta, with one third (33 per cent) saying they are likely to buy in the next two years, down two points from last year.
Prairies: Saskatchewan and Manitoba lead the country in believing that it’s a sellers market, over 23 per cent higher than any other province.
Ontario: The majority of Ontarians (72 per cent) say they are not likely to buy a home in the next two years. Those intending to buy a home are looking longer term, with four-fifths (80 per cent) planning to purchase in the next one to two years, the highest rate in the country.
Quebec: Quebec leads Canada in planning to buy a bigger home (59 per cent) and feeling that the value of their home has increased in the last two years (86 per cent).
Atlantic Canada: Almost three quarters of Atlantic Canadians (74 per cent) think it makes more sense to buy now than wait until next year, higher than any other province.
