Photo: Trey Ratcliff
Nearly nine in ten young Canadians surveyed in a new RBC poll said that owning a house or condo is a very good investment, up from less than eight in ten of those surveyed in last year’s poll.
The findings of the 21st Annual RBC Home Ownership Poll, released today by the bank, revealed a nationwide increase in buying intention as more respondents signaled they were prepared to step into home ownership.
Conducted by Ipsos Reid between February 4th and 14th, the online survey found that interest in home ownership in Canadians between the ages of 25 and 34 rose significantly over the 2013 poll. Respondents in that age group that said they were “very likely” or “somewhat likely” to purchase a home, or another home, within the next two years rose to 41 per cent, up from 25 per cent in 2013.
“The increase in the number of those who feel the housing market is a good investment, as well as the number of those who intend to buy, really highlights that Canadians have no doubt in the strength of the housing market and want to participate more than they have in recent years,” said Erica Nielsen, vice-president of Home Equity Finance for RBC.
Neilson also said that the poll’s findings were uniform across Canada.
Job stability, manageable debt load and ability to afford a large enough down payment were the top factors that those surveyed said determined their readiness to purchase a home. Of those who said they were likely to buy a home within the next two years, four in ten will be first time buyers.
On a regional basis, the percentage of Albertans who said they were likely to purchase a home this year was the highest at 28 per cent. While buying intentions also rose in Atlantic Canada over 2013, the region still had the lowest percentage (19 per cent) of respondents that said they were likely to purchase a home this year.
Looking for more Canadian market news? Read up on how Canadian banks reacted to the CMHC’s newly released data on housing starts in March.