Declining affordability and home prices are the main worries for home owners, according to a survey conducted by mortgage website Which Mortgage.

Thirty-eight per cent of survey respondents reported being nervous about the overall state of Canadian housing markets, while 40 per cent of respondents claimed that they were worried about their particular market.

The top two concerns were that people won't be able to afford to buy homes but also that the value of property will decline, suggesting that people aren't sure whether to believe experts who are saying that the market is headed for a downturn or to believe experts who say that there is no reason why the market wouldn't continue on its current course should there be no further government intervention.

"More specifically, young people will not be able to buy houses. In our market on the fringe of the GTA the prices are becoming out of reach for new home buyers. Many homes are being bought by those reselling a Toronto home to move further out in retirement or preparation for retirement. The limited number of homes on the market is giving rise to fevered bidding wars and prices are being driven to ridiculous heights," one person said.

Another respondent mentioned a concern about overbidding, and the growing discrepancy between the official home assessments and premium sale prices being paid for homes.

This survey comes just as a RBC Economics report declared that Canada's overall affordability measure stood at 44.2 per cent, the most stressed level since late 2008. With the affordability measure, the lower the number the better, the affordability measure for single-detached homes fell slightly to 49.2 per cent while the measure for condominium apartments edged up to 35.9 per cent.

Forty per cent of survey respondents own both a primary residence and an investment property, and 35 per cent just own a primary residence.

These are the results of an online survey conducted between February 20 and March 21, 2017. 240 people responded from Ontario, Quebec, British Columbia, Alberta, Newfoundland, Saskatchewan, Manitoba, and New Brunswick.

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