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

Fire burns down barn and workshop near Tyhee Lake

Owner Martin Hennig estimates around $200,000 in uninsured losses after the buildings burned down.

Portugese national concertmaster headlines classical music festival

Spirit of the North festival will feature internationally-renowned musicians to local kids

Mip brings the small town to the big city

“I feel like the small town part of me is really important to have in the city.”

If climate is an emergency, act like it

Council has declared a climate emergency, but is sitting on money that could mitigate its effects

CT scanner officially open in Smithers

As of noon on July 12 the machine had scanned 45 patients, five of which were emergency CT scans.

Feds lowered poverty line, reducing the number of seniors in need: documents

Liberals introduced a poverty line that was below the prior low-income cutoff

BCHL: Alberni Valley Bulldogs have been sold

Victoria company has purchased BCHL team, but will keep it in Port Alberni

“Does Kirby care?” B.C. First Nation’s group using geo-targeted ads in Houston, Texas for justice

The Heiltsuk Tribal Council has called out Kirby Corporation for the Nathan E. Stewart oil spill

Trudeau announces $79M investment for 118 more public transit buses across B.C.

Contributions from municipal to federal level to fund more buses in a bid to cut commutes

B.C. woman wins record $2.1 million on casino slot machine

‘That night was so surreal … I wasn’t able to sleep or eat for the first two days,’ she said

After B.C. dad’s death, Technical Safety BC wants changes to trampoline park rules

Jay Greenwood, 46, did ‘a series of acrobatic manoeuvres prior to a fall that caused serious injury and cardiac arrest’

$900M settlement reached in class action on sexual misconduct in Canadian military

After facing criticism, the government moved to begin settlement proceedings in early 2018

Tax take stays ahead of increased B.C. government spending

Tax revenue $2.1 billion higher than budget in 2018-19

Two toddler siblings found drowned on First Nation in Alberta

The siblings were found drowned on their family’s property, according to RCMP

Most Read