March 4, 2009

Canadian home-buying intentions strong

Despite the recession, 65 percent of Canadians considering home ownership said they feel it's a buyer's market, an RBC poll published Wednesday said.

The Ipsos Reid survey conducted for the country's largest residential mortgage lender polled 2,026 adults in late January and found 27 percent of respondents said they intend to purchase a home within two years.

That's a 4-point increase from 2008, the release said.

The most intent on buying were in the under-35 age bracket, where 48 percent said they planned on buying within two years, which was an increase of 12 percent from 2008.

Low mortgage rates and favorable housing prices are influencing home purchase intentions this year and may be the reason why more Canadians are poised to purchase over the next two years, said RBC's head of home equity financing, Karen Leggett.

For those not intending to buy soon, 60 percent said they were happy with the home they own now. Fear of job losses was reported as a factor by 8 percent of respondents, the release said.

The poll had a margin of error of 2.2. percentage points, the pollster said.