Interest in buying a home has remained steady in B.C. with 29 per cent of residents indicating they are likely to buy a home in the next two years, on par with the national average and equal to last year, according to the 18th annual RBC Homeownership Study.
When asked to list their top worry when planning to purchase, over one-third (34per cent) of British Columbians are most concerned with home prices increasing, the most in Canada. Having a good down payment is the top worry for 20 per cent.
“B.C.’s housing market has experienced some volatility over the past few years so it makes sense that buyers are concerned about rising prices and having the proper down payment,” said Inde Sumal, regional vice president, residential mortgages, RBC. “When making the decision to purchase a home, seeking the advice of a qualified professional can help you decide on what type of mortgage, home and savings plan is right to meet your individual needs and ownership goals.”
While more homebuyers believe it makes sense to buy a home this year (54 per cent), rather than waiting until next year (46 per cent), the gap has narrowed from 2010 (68 per cent versus 32 per cent).
Homeowners in B.C. are slightly less optimistic than last year about the price of their home, as 67 per cent feel the value of their home has increased in the past two years and 16 per cent believe that the value of their home has decreased.
New homes are gaining in popularity, as 30 per cent plan to buy a new home rather than a resale, the highest in the country and eight points above the national average. Those intending to buy a home are also looking more long-term, with almost four-in-ten (79 per cent) planning to purchase in the next one to two years rather than right now. Almost half (48 per cent) of the province believes that it’s a buyers market, which is eight points above the national average.
British Columbians indicate they are looking buy the following types of homes according to the 18th Annual RBC Homeownership Poll:
• Detached house 54 per cent
• Condo/loft 17 per cent
• Semi detached house 11 per cent
• Townhouse 13 per cent
Royal Bank of Canada March 9, 2011