Toronto Sun, Mar. 15, 2009. The economy hasn't slowed down Canadians' intensions to buy a home. In the 16th annual RBC Homeownership Survey, released last week, 65% of Canadians think it's a buyer's market, and more than a quarter of Canadians(27%) say they intend to purchase a home over the next two years, up 4 points from 23% in 2008- largest single year increase since 2001.
In Ontario, the response is even stronger: 30% said they were likely to purchase a home within the next two years, up from 21% in 2008.
"The current economic environment does not appear to have dampened Canadians' overall confidence in the housing market," said Karen Leggett, head of home equity financing for RBC Royal Bank.
According to the survey, conducted by Ipsos Reid, a majority of Canadians(83%) remain positive that home ownership is a good investment.
"Low Mortgage Rates and favourable housing prices are influencing home purchase intentions this year and may be the reason more Canadians are poised to purchase over the next two years", added Leggett.
Indeed, among those who intend to buy, three in ten say favourable price is a major reason.
The primary reason stated by homeowners not planning to purchase a home is that they are content with the home they have (60%). Job loss/employment factors (8%) as well as general concerns about the economy (6%) also influenced people'd decision not to buy a home.
Almost all respondents (96%) indicated that buying a home with low energy consumption was important to them, and 81% said the same about environmentally friendly features.
In Ontario, the response is even stronger: 30% said they were likely to purchase a home within the next two years, up from 21% in 2008.
"The current economic environment does not appear to have dampened Canadians' overall confidence in the housing market," said Karen Leggett, head of home equity financing for RBC Royal Bank.
According to the survey, conducted by Ipsos Reid, a majority of Canadians(83%) remain positive that home ownership is a good investment.
"Low Mortgage Rates and favourable housing prices are influencing home purchase intentions this year and may be the reason more Canadians are poised to purchase over the next two years", added Leggett.
Indeed, among those who intend to buy, three in ten say favourable price is a major reason.
The primary reason stated by homeowners not planning to purchase a home is that they are content with the home they have (60%). Job loss/employment factors (8%) as well as general concerns about the economy (6%) also influenced people'd decision not to buy a home.
Almost all respondents (96%) indicated that buying a home with low energy consumption was important to them, and 81% said the same about environmentally friendly features.
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