Eighty-four percent of Canadians say a house or a condominium is a good investment, according to an RBC poll. Intent to purchase remains strong with one-in-four Canadians (25%) indicating plans to buy a home within the next two years. Among these, four-in-ten (44%) say they will be first-time buyers.
A first-time home purchase is not without obstacles. Future buyers identify their personal financial situation as the primary reason for not entering the market earlier, with ‘not enough of a down-payment’ topping the list (50%). Other reasons for staying out of the market include income level (48%), job security (29%) and personal debt (27%).
Across the country, nearly half (49%) say it makes sense to buy now. Overall, 37% view the housing market as balanced. However, there was an uptick in respondents who feel the housing market is a buyers’ market (36%, compared with 33% last year), led by sentiment in Alberta (43%, compared with 22% a year ago) and in Quebec (50%, up from 43% a year ago). One-in-four respondents (28%) describe the current market as a sellers’ market.