Most Canadians hesitating to buy a home: survey
Posted April 10, 2017 8:04 am.
Last Updated April 10, 2017 8:05 am.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – With housing advocates set to unveil a plan to make home ownership more affordable in BC, a new survey suggests there is still hope if you’re trying to get into Canada’s real estate market.
Over 80 per cent of Canadians, who responded to a survey by RBC, think buying a home is a good investment but not right now. And the bank says one of the main reasons for that is because people feel house prices may go down. Uncertainty about the economy and concerns about affordability were also a couple of reasons why people are holding back.
“For many Canadians, buying a home is a financial and personal milestone, often the biggest investment one will make,” says Nicole Wells with RBC. “In today’s market, the best advice is to start with understanding exactly how much you can afford and focus on your wants and needs ahead of starting the house hunt. This will help set expectations and get you started on finding the home that fits your budget and lifestyle. Knowledge and education are key.”
One-quarter of Canadians say they plan to buy a home this year, that’s down from 29 per cent last year and surprisingly millennials (aged 18 to 34) are apparently feeling the most optimistic as many say they will buy a home in the next two years.
Meantime, a new poll from CIBC finds two-in-five Canadians plan to sell their home to cash in on the hot housing market while two-thirds of people feel reluctant to sell because buying another home would be too expensive.
