Majority say it makes sense to buy a house now, but fewer indicate they
will
HALIFAX, March 26, 2013 /CNW/ - Given current housing prices and
economic conditions, Atlantic Canadians are the most likely in the
country to say it makes sense to buy now (64 per cent), rather than
wait until next year (36 per cent), according to the 20th Annual RBC Home Ownership Poll.
Despite this sentiment, residents of Atlantic Canada are also among the
least likely to buy a home in the next two years, with 91 per cent
indicating that they are unlikely to buy in the short-term. Confidence
in the investment value of a home remains high in Atlantic Canada (81
per cent), just below the overall Canadian sentiment (84 per cent).
"The poll shows a complex mix of factors affecting home-buying decisions
in Atlantic Canada. Although Atlantic Canadians are the most optimistic
about current conditions, they are also among the least likely to act
on it right now," said Derek Rose, Sales Manager, Atlantic Canada.
"That could mean pent-up demand for next year as buyers take a more
cautious approach and look for the right property. Getting expert
advice from mortgage and real estate professionals now, to plan for the
future will help potential buyers to move quickly when they are ready."
Key regional highlights:
-
More than half of Atlantic Canadians (51 per cent) expect mortgage rates
to be the same this time next year as they are today, while 4-in-10 (42
per cent) think they will be higher. (National: 49 and 43 per cent,
respectively)
-
Close to half of Atlantic Canadians (46 per cent) expect housing prices
will be higher at this time next year, and slightly fewer think home
prices will be the same as they are today (38 per cent). (National: 43
and 33 per cent, respectively)
-
Eight-in-10 Atlantic Canadian residents (79 per cent) say recent
government changes will impact or delay people getting into the market.
(National: 75 per cent)
-
44 per cent of Atlantic Canadians believe it's a buyer's market, while
37 per cent described the market as balanced. (National: 35 and 40 per
cent, respectively)Almost one-in-five (19 per cent) said it was a
seller's market (national: 25 per cent).
Nationally, four-in-10 Canadians (40 per cent) planning to enter the housing
market over the next two years will be first-time homebuyers. The
majority of Canadians are taking a wait-and-see approach to home
purchases, with 15 per cent likely to buy in the next two years, down
from 27 per cent last year. The 12-percentage-point drop is the biggest
year-over-year fall in overall buying intention as tracked by this
annual poll.
Regional highlights for British Columbia, Alberta, Saskatchewan and Manitoba, Ontario, and Quebec are also available.
About RBC's Home Ownership Advice
Canadians can visit the RBC Advice Centre, an online resource to help Canadians understand all facets of homeownership. Through advice videos, articles, and online calculators, Canadians can
learn about buying their first home, planning their next move, or renovating. With more than 1,400 RBC mortgage specialists across the country,
Canadians have access to free, no-obligation professional advice about
RBC mortgage products and services.
About the 20th Annual RBC Home Ownership Poll
RBC is the largest residential mortgage lender in Canada. As the
country's number one source of financial advice on homeownership, RBC
conducts consumer surveys as one way to provide insight to Canadians
about the marketplace in which they live.
These are some of the findings of an RBC poll conducted by Ipsos Reid
between Jan. 31 and Feb. 8, 2013. The online survey is based on a
randomly selected representative sample of 3,005 adult Canadians. With
a representative sample of this size, the results are considered
accurate to within ±3.0 percentage points, 19 times out of 20, of what
they would have been had the entire adult Canadian population been
polled. The margin of error will be larger within regions and for other
sub-groupings of the survey population. These data were statistically
weighted to ensure the sample's regional and age/sex composition
reflects that of the actual Canadian population according to the 2011
Census data.
SOURCE: RBC
