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Canadians agree, owning beats renting

Canadians agree, owning beats renting

Date Posted: April 10, 2019

Despite stress tests and house prices, most Canadians still aim to own rather than rent.

According to RBC’s annual Home Ownership poll, 66% of those surveyed believe it still makes more sense to buy vs. rent.

Despite prices falling in some major market across Canada, affordability is still an issue and a top factor when choosing a home and a neighbourhood.

“While nearly all Canadians (92%) admit that mental stress is a potential impact of being house poor, almost half (47%) say it’s worth the sacrifice,” reads the report.

Given the shifting conditions in the real estate market, 56% of respondents said it would be better to hold off on a house purchase until next year. Of those, 45% said they would be willing up to wait two years to make their purchase—or 55% of 18- to 34-year-olds—since a majority (54%) believe house prices will continue to fall.”

The survey touched on the change of home buying dynamics with more purchasers relying on help from family. Some other key points found that down payment amounts are trending upwards, 80% of those polled believe purchasing real estate is a good investment, and once of the largest concerns for first-time homebuyers is future interest rate increases.

More from the Canadian Mortgage Trends article here.

Wondering about your mortgage budget? Contact your Mortgage Broker today to find out more about the importance of affordability.