MONTREAL, March 26, 2013 /CNW/ - While a majority of Quebecers (87 per
cent) surveyed do not expect to buy a home in the next two years, they
also believe that a home or condo is a good investment (84 per cent),
according to the 20th Annual RBC Homeownership Poll.
Given current housing prices, Quebecers were almost evenly split between
saying it makes more sense to buy a house now (49 per cent) versus
waiting until next year (52 per cent). Quebecers most closely track
national sentiment when describing the current housing market, with
four-in-10 saying the current housing market is balanced (40 per cent,
national: 40 per cent), while 37 per cent say it is a buyer's market
(national: 35 per cent).
"There's a mix of opinions about the current housing market. On the one
hand, Quebecers feel highly confident about real estate but there are
some uncertainties about where home prices and mortgage rates are
heading that may be affecting purchase intent," said Danielle Coutlée,
manager, Sales Strategy and Support, Quebec Headquarters, RBC Royal
Bank. "Now, more than ever, Canadians need the expert advice of real
estate and mortgage professionals to figure out the best plan for each
prospective homebuyer amid a mixed market."
Key highlights:
-
More than half of Quebecers surveyed (52 per cent) expect mortgage rates
to stay the same as they are today at this time next year, though
one-third (33 per cent) think they will be higher. Still, 15 per cent
of Quebecers think mortgage rates will be lower, more than any other
region across Canada.
-
Four-in-10 Quebec residents (40 per cent) see higher home prices at this
time next year, closely followed by those who think they will remain
the same (37 per cent). About one-quarter of Quebecers expect home
prices will be lower at this time next year (24 per cent).
-
Quebecers are among the least likely to think that recent government
mortgage rule changes will impact or delay people getting into the
market (69 per cent, national: 75 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 Atlantic Canada 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
