The survey suggests 40 per cent of Canadians live “house poor,” meaning they spend a large proportion of their total income, roughly 30 to 40 per cent, on home ownership. (Chad Hipolito/The Canadian Press)

56 per cent of Canadians believe it’s better to wait to buy a home: poll

Survey says Canadians see it as balanced between buyers’ and sellers’ market for first time in 5 years

For the first time in five years, Canadians believe it’s no longer a sellers’ real estate market, according to a new survey.

The annual home ownership poll from RBC, released Monday, suggests Canadians see the market as balanced between a buyers’ (36 per cent) and sellers’ (34 per cent) market.

Nevertheless, more than half of those surveyed (56 per cent) said it’s better to wait until next to buy a home, given how the vast majority are still unaffordable. Of that group, another half (54 per cent) say they’re waiting because they expect prices to come down.

READ MORE: Pace of Canadian housing starts up in March on seasonally adjusted basis: CMHC

More people are buying homes either on their own (32 per cent) or with their family’s help (28 per cent), while buying a home with a partner or spouse has been declining.

“We’re seeing a fundamental contrast in who’s at the buying table,” said Nicole Wells, vice-president of home equity financing at RBC. “There is a surge in confident, in-control solo home buyers and, on the polar opposite end, those who are saying they can’t do it alone and need the assistance of family.”

As for how the federal government’s mortgage stress test, introduced in January 2018, is affecting home buyers?

Almost half of them (47 per cent) say they plan to put more than 15 per cent on a down payment – up 10 percentage points from last year.



joti.grewal@bpdigital.ca

Like us on Facebook and follow us on Twitter

Just Posted

Two dead in three-car collision on Hwy 11 near Alberta Springs Golf Course

Two women were pronounced dead on the scene of an accident Wednesday afternoon

Calgary police officer shares his story with Sylvan Lake parents and youth

A small audience listened to a presentation on bullying by Bullying Ends Here founder Tad Milmine

The best caesar in Canada can be found in Sylvan Lake

Kjeryn Dakin’s Tragically Hips caesar won the national Best Caesar in Town competition

Sylvan Lake Wranglers add a win after back-to-back home games

Wranglers fell 6-2 to the Medicine Hat Cubs Nov. 30, but won 3-0 over the Cochrane Generals Dec. 1

Sylvan Lake photographer makes local athletes the star in online contest

Tyson Scanland was named the first winner of the Game Breaker Contest by 6 Hearts Creative Sports

VIDEO: A brief history of bumps in the Trudeau-Trump relationship

Remember Peter Navarro saying ‘there’s a special place in hell’ for a foreign leader who aims to cheat?

Final appeal rejected for man convicted in deaths of missing Alberta seniors

Lyle and Marie McCann were in their 70s when they left their home in St. Albert in 2010 and vanished

Infants should be tested for autism if older siblings are diagnosed, Canadian study suggests

Blood test for infants with sibling who’s been diagnosed would get information to families earlier

Rural Alberta gets more police officers, but must pay for them directly

Premier wants areas to pay portion of overall costs on rising scale to bring in extra $200M by 2024

Rebels win second in row 5-2 over Moose Jaw

32 saves from Goalie Byron Fancy leads the way for Red Deer

Nearly 40% of Canadians want creationism taught in schools: poll

23% of Canadians believe God created humans in the past 10,000 years

Blackfalds RCMP lay charges following fatal pedestrian collision

35-year-old male died in the hospital as a result of injuries

Canadian families could pay nearly $500 more for food in 2020: report

Meat prices will increase the most, the report suggests

Most Read