The survey suggests 40 per cent of Canadians live “house poor,” meaning they spend a large proportion of their total income, roughly 30 to 40 per cent, on home ownership. (Chad Hipolito/The Canadian Press)

56 per cent of Canadians believe it’s better to wait to buy a home: poll

Survey says Canadians see it as balanced between buyers’ and sellers’ market for first time in 5 years

For the first time in five years, Canadians believe it’s no longer a sellers’ real estate market, according to a new survey.

The annual home ownership poll from RBC, released Monday, suggests Canadians see the market as balanced between a buyers’ (36 per cent) and sellers’ (34 per cent) market.

Nevertheless, more than half of those surveyed (56 per cent) said it’s better to wait until next to buy a home, given how the vast majority are still unaffordable. Of that group, another half (54 per cent) say they’re waiting because they expect prices to come down.

READ MORE: Pace of Canadian housing starts up in March on seasonally adjusted basis: CMHC

More people are buying homes either on their own (32 per cent) or with their family’s help (28 per cent), while buying a home with a partner or spouse has been declining.

“We’re seeing a fundamental contrast in who’s at the buying table,” said Nicole Wells, vice-president of home equity financing at RBC. “There is a surge in confident, in-control solo home buyers and, on the polar opposite end, those who are saying they can’t do it alone and need the assistance of family.”

As for how the federal government’s mortgage stress test, introduced in January 2018, is affecting home buyers?

Almost half of them (47 per cent) say they plan to put more than 15 per cent on a down payment – up 10 percentage points from last year.



joti.grewal@bpdigital.ca

Like us on Facebook and follow us on Twitter

Just Posted

Lacombe Grade 6 students become Mayor for a Day at City Hall

Students took part in a mock City council meeting

Town of Blackfalds holds Multi-Plex Open House

Designs for dual-arena, expanded library shown at public consultation

Lacombe’s Galactic Wranglers Robotics Club earns way to World Championships

Community donates over $18,000 for Houston trip in five days

Lacombe Rams Rugby off to promising start in 2019

Coach looking for right mix of veterans and new players

Kenney talks pipelines with Trudeau after election win, calls it cordial

Almost a year ago Kenney dismissed Trudeau as a dilettante and a lightweight

‘Open for business:’ Jason Kenney’s UCP wins majority in Alberta election

The UCP was leading or elected in 63 of 87 seats Tuesday night

Undercover cops don’t need warrant to email, text suspected child lurers: court

High court decision came Thursday in the case of Sean Patrick Mills of Newfoundland

VIDEO: Trump tried to seize control of Mueller probe, report says

Special counsel Robert Mueller’s report revealed to a waiting nation Thursday

Alberta RCMP reminds Albertans how to be ‘egg-stra’ safe this Easter

Put away phone while driving, plan for a designated driver

B.C. awaits Kenney’s ‘turn off taps,’ threat; Quebec rejects Alberta pipelines

B.C. Premier John Horgan said he spoke with Kenney Wednesday and the tone was cordial

Federal government extends deadline to make Trans Mountain decision to June 18

The National Energy Board endorsed an expansion of the Trans Mountain pipeline on Feb. 22

Precautionary evacuation for Red Deer, Alta., residents due to industrial fire

City officials are advising people to close windows and doors and to turn off air intakes into homes

Study links preschool screen time to behavioural and attention problems

The research looked at more than 2,400 families

Could a pharmacist’s consultation help more people get vaccinated?

Canadian study suggests giving pharmacists a monetary incentive to consult would cut influenza cases

Most Read