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RBC survey finds homebuying intentions level off in B.C.
But over two-thirds believe it's a buyer's market
VANCOUVER, March 4 /My Mortgage BC/ - According to the 16th Annual RBC Homeownership
Survey, 78 per cent of British Columbians - the highest percentage in the
country - believe a buyer's market exists right now. Only five per cent
indicated sellers hold an advantage given current prices and conditions.
"Despite concerns about the economy, buying intentions remain healthy in
B.C. and in check with the national average," said Kevin Lutz, regional
manager, Mortgage Specialists, RBC Royal Bank. "Based on these figures most
British Columbians believe that the time is right for buyers, and most remain
largely confident that the long-term value in a home makes for a good
purchase."
The survey, conducted by Ipsos Reid, found that homebuying intentions in
the province remain unchanged from last year, with 26 per cent of residents
saying they intend to buy in the next two years. A majority (55 per cent)
think it makes more sense to wait until next year to purchase a home, rather
than buy now.
According to the survey, 81 per cent of those polled in B.C. said that
buying a home is a good or very good investment. On average, B.C. homeowners
approximate the value of their home at 5,571 - the highest average home
value across Canada. On average, they also estimate that the value of their
homes increased 10 per cent over the last two years.
Among those who plan to purchase this year or next, 27 per cent said they
will do so because their current home does not meet their needs. Twenty-three
per cent cited attractive house prices, and another 23 per cent said they will
purchase to own a bigger home. Eighty-three per cent said they plan to
purchase resale and most (76 per cent) will opt for a detached house.
Future B.C. homebuyers also said environmental considerations would weigh
on their purchase decision. Over 90 per cent of respondents indicated that
buying a home with low energy consumption was important to them and 72 per
cent said the same about environmentally-friendly features. Further, 93 per
cent of those surveyed were interested in having standardized energy ratings
for their homes.
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Regional Differences Nat BC AB SK/MB ON QC AT
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Own a home 67% 69% 69% 70% 68% 60% 67%
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Percentage of homeowners
who have a mortgage 61% 56% 46% 62% 64% 66% 60%
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Percentage who believe it
is a buyer's market 65% 78% 72% 34% 73% 52% 58%
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Owners and renters who are
'likely' or 'very likely'
to purchase a home in the
next two years 27% 26% 35% 25% 30% 22% 25%
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Believe mortgage rates
will be higher in one
year's time 33% 28% 26% 35% 33% 33% 46%
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Believe housing prices
will be higher in one
year's time 25% 20% 23% 27% 26% 25% 36%
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Believe buying a home is
a good investment 83% 81% 86% 83% 84% 79% 84%
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Homebuyers planning to
purchase a detached home 68% 76% 63% 63% 69% 60% 84%
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Homebuyers planning to buy
a bigger home 47% 42% 40% 69% 52% 49% 20%
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Homebuyers planning to buy
a resale home 74% 83% 71% 60% 76% 75% 64%
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Homebuyers planning to buy
a new home 26% 17% 29% 40% 24% 25% 36%
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These are some of the findings of an RBC poll conducted by Ipsos Reid
between January 6 and 9, 2009. The online survey is based on a randomly
selected representative sample of 2,026 adult Canadians. With a sample of this
size, the results are considered accurate to within +/-2.2 percentage points,
19 times out of 20, of what they would have been had the entire adult Canadian
population been polled. The margin of error for residents of British Columbia
is +/-5.5 per cent (N=314) and the margin of error for British Columbia
homeowners is +/-6.6 per cent (N=223). The margin of error will be larger for
other sub-groupings of the population. These data were statistically weighted
to ensure the sample's regional and age/sex composition reflects that of the
actual Canadian population according to the 2006 Census data. |
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