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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





9 April 2019

Own or rent – what do Canadians choose?

Although home prices in Canada’s largest markets remain extremely high, most Canadians still believe it’s more profitable to own a property than to rent it, the recent RBC’s poll shows. According to the survey, 66% of Canadians believe it’s more reasonable to buy a home.

While prices have been going down during the previous year, real estate remains much more expensive these days than several years ago. The problem of affordability means that 25% of Canadians spend a significant share of their income on their home after buying it.

The poll says such homeowners spend at least 30-40% of their income on their property.

“And although almost all Canadians (92%) say such situations lead to mental stress, they still believe it’s worth it”, - says the report.

As the market conditions are changing, 56% of respondents say they would like to postpone their purchase until the next year. Moreover, 45% of them are ready to wait for two years, as 54% expect prices to keep falling. In case of 18-34 years old age group, the number reached 55%.

The residents of British Columbia (68%) and Ontario (58%) are most likely to predict the on-going prices drop.

It’s the first time in 5 years that more Canadians see the housing market conditions balanced between buyers and sellers.

Here are some of the main points from the RBC’s report:

  • An average down payment amount is growing, as 47% of potential buyers plan to provide at least 15% of the purchase price, while it was 37% in 2018.
  • Canadians are ready to manage a possible house prices decline (71%) or an interest rate increase (63%)
  • The main factors affecting a property choice are affordability (21%) and a safe neighbourhood (20%)
  • It turns out that first-time buyers who plan to buy a home during the next two years worry more about the potential rate increases (74%) than all other Canadians (59%).
  • According to 80% of Canadians, a house or a condo is a good investment option.

 

 

 

 

 

 

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