Despite a tricky economy and concern about climbing household debt, a survey says the portion of Canadians who are “very likely” to purchase a home in the next two years has increased from seven per cent to 10 per cent since the same question was posed two years ago. The media has been full of speculation about house prices being unsustainable in Canada, but the lure of homeownership remains strong among those surveyed by Ipsos-Reid on behalf of RBC. An overwhelming 91 per cent of Canadian homeowners believe a home is a good investment. That’s the highest level of confidence in homeownership that the survey has seen in 12 years. This was the 17th annual RBC Homeownership study.
People aged 18 to 24 are most likely to buy in the next two years, says the survey. Most people who plan to buy are planning to take out a fixed-rate mortgage (44 per cent), although combination mortgages that include fixed- and variable-rate components are also popular at 40 per cent. Seventy per cent will take a mortgage term of five years or longer (more…)
