9 April 2019

“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.