A whopping 84 per cent of Canadians still believe that owning a home remains a good investment, with a quarter considering purchasing one in the next two years.
Seven per cent of the surveyed Canadians by Ipsos said they are “very” much likely to buy a home, with 18 per cent saying they are “somewhat” towards their home purchase. The figures are two points up since last year’s RBC Homeownership poll.
Of those who are mulling over house buying, 44 per cent are set to be first-time homeowners. The report suggests the chunk of new homebuyers will “propel” the Canadian residential property market in the coming years.
The results of the survey per province are as follows: BC (27% -- 5% very/22% somewhat), Alberta (27% -- 8% very/20% somewhat), Saskatchewan and Manitoba (27% -- 7% very/21% somewhat), Ontario (25% -- 7% very/18% somewhat), Quebec (24% -- 8% very/17% somewhat) and Atlantic Canada (21% -- 5% very/16% somewhat).
Moreover, the survey also found eight in 10 Canadians from every region agree that real estate investing is a good medium for income, with most respondents coming from Atlantic Canada (87 per cent).
However, Canadians appear to be split on who believe “it makes more sense to buy now”. Fifty-one per cent are looking at buying next year while 49 per cent may purchase before the year ends. Most of those who prefer to wait are from in Saskatchewan and Manitoba (58 per cent), BC (55 per cent), Alberta (54 per cent) and Quebec (52 per cent).
Half of Canadians also said the reason why they have not yet owned a home is the lack of money for down payments, while 48 per cent thinks their incomes are not enough. Job security is the reason for 29 per cent of the respondents, personal debts for 27 per cent, and student loans for 23 per cent. Others have not yet found the right home or are taking their time.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: