Buyers remain nervous about the economy but few believe house prices will drop again, according to Royal LePage Advisor Survey

(Source: CNW Group)

As the Canadian real estate market continues to rebound from a steep decline a year ago brought on by the recession, home buyers remain nervous about the stability of the economy, according to a survey of 1,225 Royal LePage agents and brokers across Canada. However, few buyers think home prices will decline again.

When asked to comment on the most common fears they are hearing from home buyers over the past three months, 38 percent of Royal LePage agents and brokers cited economic stability and related factors such as job security. Twenty-three percent said home buyers fear they may not be able to sell their existing homes at the price they are hoping for, while 12 percent said buyers are hesitant because they believe prices have not yet hit the bottom of the cycle. Twenty percent of agents and brokers said they are not hearing any concerns from buyers.

The Royal LePage Advisor Survey, conducted online in November 2009, also found that an increasing number of Canadians are purchasing homes as investment properties, and almost 50 percent of brokers and agents say the number of buyers intending to renovate their properties after purchase is increasing.

Read Royal LePage’s full press release “Economic instability number one fear for Canadian home buyers: Royal LePage” in the CNW Group (December 15, 2009).

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