Now Is The Time To Buy A House: Poll

For Canadians who have been shut out of an inaccessible housing market, there may be a silver lining around the dark economic cloud that's been hovering since last year.

According to the annual RBC Homeownership Survey, most of us think now is a good time to buy a house, and almost a third plan to do so this year or next.

"With mortgage rates and housing prices looking more favourable than they did last year, many Ontarians are saying now is the time to buy," noted RBC's Doug Crowe. "Our survey also showed that an overwhelming majority...still feel confident that buying a home is a smart, worthwhile investment."

The poll of 2,026 adult Canadians found that 73 per cent believe it's a buyers market right now, with only seven per cent saying sellers have the upper hand.

Partly because of this, 30 per cent of those asked said they would probably purchase a home in the next two years, up from 21 per cent in 2008. Others will be looking because they want a bigger house or their current home does not suit their needs.

Surprisingly, homeowners in the province still estimate that the value of their homes increased 10 per cent over the last two years.

National Breakdown

   -------------------------------------------------------------------------
    Regional Differences        Nat     BC     AB  SK/MB     ON     QC     AT
    -------------------------------------------------------------------------
    Own a home                  67%    69%    69%    70%    68%    60%    67%
    -------------------------------------------------------------------------
    Percentage of homeowners
     who have a mortgage        61%    56%    46%    62%    64%    66%    60%
    -------------------------------------------------------------------------
    Percentage who believe it's
     a buyer's market               65%    78%    72%    34%    73%    52%    58%
    -------------------------------------------------------------------------
    Owners and renters who are
     'likely' or 'very likely'
     to purchase a home in the
     next two years             27%    26%    35%    25%    30%    22%    25%
    -------------------------------------------------------------------------
    Believe mortgage rates
     will be higher in one
     year's time                33%    28%    26%    35%    33%    33%    46%
    -------------------------------------------------------------------------
    Believe housing prices
     will be higher in one
     year's time                25%    20%    23%    27%    26%    25%    36%
    -------------------------------------------------------------------------
    Believe buying a home is
     a good investment          83%    81%    86%    83%    84%    79%    84%
    -------------------------------------------------------------------------
    Homebuyers planning to
     purchase a detached home   68%    76%    63%    63%    69%    60%    84%
    -------------------------------------------------------------------------
    Homebuyers planning to buy
     a bigger home              47%    42%    40%    69%    52%    49%    20%
    -------------------------------------------------------------------------
    Homebuyers planning to buy
     a resale home              74%    83%    71%    60%    76%    75%    64%
    -------------------------------------------------------------------------
    Homebuyers planning to buy
     a new home                 26%    17%    29%    40%    24%    25%    36%
    -------------------------------------------------------------------------

Source: RBC Home Ownership Survey

Comments

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Having a home according to your planning is like dream come true. Everybody wants a beautiful home for himself. And what after you have got a new house. The main problem is to shift all your luggage into that. Many times either the luggage is missing or its broken. Not an easy task at all. But thank God there are many companies in the market which provide the facility to shift your home.