Well here’s a counterpoint to the huge number of Canadians that own homes:
According to RBC, the number of Canadians planning on buying a home in the next two years has dropped to a record low.
Sean Amato-Gauci, senior vice-president of Home Equity Financing with RBC, says current economic and industry trends are consistent with this bleaker homebuying forecast.
But an overwhelming majority of those polled (84 per cent) still see real estate as a sound investment. While 52 per cent say now is a good time to get into the market.
Nearly half of those surveyed (49 per cent) say they expect mortgage rates to be same this time next year, while 43 per cent admit they believe home prices will continue to climb.
All clear? Fewer people than ever are planning on buying, but a majority still see ‘real estate’ as a sound investment and more than half of them think now is a good time to get into the market.. but only 15% are actually planning on buying.
Will they still be planning to buy if prices keep dropping?