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Canada Housing Market Confidence

Canadian Housing Market Confidence

RBC recently finished their long running Annual Home Ownership Poll in Canada. Poll and year number 21, to be exact. The news and outlook of entry buyers is encouraging – especially after witnessing how recent financial legistlations have left buyers positioned in our fastest growing economy of Edmonton. Here are some of the interesting points to note:

Young Canadians, aged 25 – 34, feel that housing remains a very good investment. Nearly nine in ten (86 per cent) of them believe that owning a house or condo is a very good investment, up from less than eight in ten (78 per cent) in 2013.

This confidence in the housing market is reflected in Canadians’ buying intentions. Nearly every region in Canada has shown an increase in their likelihood to purchase over the last year. The top factors considered by those who intend to buy this year include the stability of their job situation and manageable debt levels. Confidence in these areas indicates that Canadians are more mindful of their finances than in 2013, which directly impacts the ability to afford home ownership.

In particular, interest in purchasing from the 25-34 age group has increased significantly from one in four (25 per cent) in 2013 to nearly half (41 per cent) of respondents in 2014.

Also notable in the same poll results, is Canadians’ willingness to go it alone when it comes to home buying. Granted, the majority of Canadians (62 per cent) still intend to buy a home with their spouse or partner, but now more than one in four (28 per cent) Canadians intend to buy a home by themselves.

Alberta Highlights: Alberta saw an increase in likelihood of purchasing this year, up from 22 per cent in 2013 to 28 per cent in 2014. Perceived home price increases may also be key for Albertans, as more than half (52 per cent) believe that home prices will continue to rise next year.

British Columbia Highlights – In B.C., the percentage of those who are likely to buy a home has increased slightly, from one-in-five (20 per cent) in 2013 to more than one-in-five (22 per cent) in 2014. With four-in-ten (41 per cent) believing that housing prices will continue to rise next year, it signals that British Columbians want to get in while they feel they can and reinforces the positive investment sentiment.

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