Homebuying intentions fall, but Albertans lead the country when it comes to
confidence in owning a home
CALGARY, March 26, 2013 /CNW/ - Nearly nine-in-10 Albertans (89 per cent)
surveyed say buying a house or condo is a good investment, higher than the
national average (84 percent), even as home buying intentions have dropped
from a year ago (22 per cent, compared with 31 per cent), according to the
20(th) Annual RBC Homeownership Poll.
"It's no surprise that some Albertans are re-thinking their decision to buy a
home, given the regulatory changes regarding mortgage rules and economic
challenges in the past year," said Don Peard, vice-president, Mortgage
Specialists, RBC. "The good news is that the majority of Albertan homeowners
are confident in their real estate investments and their ability to manage
The poll found that 71 per cent of Alberta residents say that the housing
market in their community is overpriced, ranking as one of the lowest in the
country, and compared to the national average (73 per cent) . Almost half of
Albertans (49 per cent) feel their current housing market is balanced,
compared to the national average of 40 per cent.
Other key Alberta highlights from the poll:
-- Alberta residents mostly expect mortgage rates to be higher at
this time next year (48 per cent), while 45 per cent expect
them to be the same as they are today. Few Albertans surveyed
predict mortgage rates will be lower this time next year (7 per
-- Half of Albertans (50 per cent) see higher home prices at this
time next year, while 32 per cent believe they will be the
same. One-in-five (18 per cent) say housing prices will be
-- Three-quarters of Albertans (74 per cent) say recent government
changes will impact or delay people getting into the market,
similar to the national view (75 per cent).
"It seems that Albertans are taking stock of the current market and weighing
their options. That's why now, more than ever, Canadians need expert advice of
real estate and mortgage professionals to navigate the complexities of the
housing market," added Peard.
Nationally, four-in-10 Canadians (40 per cent) planning to enter the housing
market over the next two years will be first-time homebuyers. The majority of
Canadians are taking a wait-and-see approach to home purchases, with 15 per
cent likely to buy in the next two years, down from 27 per cent last year. The
12-percentage-point drop is the biggest year-over-year fall in overall buying
intention as tracked by this annualpoll.
Regional highlights for British Columbia, Saskatchewan and Manitoba, Ontario,
Quebec and Atlantic Canada are also available.
About RBC's Home Ownership Advice
Canadians can visit the RBC Advice Centre, an online resource to help
Canadians understand all facets of homeownership. Through advice videos,
articles, and online calculators, Canadians can learn about buying their first
home, planning their next move, or renovating. With more than 1,400 RBC
mortgage specialists across the country, Canadians have access to free,
no-obligation professional advice about RBC mortgage products and services.
About the 20(th) Annual RBC Home Ownership Poll
RBC is the largest residential mortgage lender in Canada. As the country's
number one source of financial advice on homeownership, RBC conducts consumer
surveys as one way to provide insight to Canadians about the marketplace in
which they live.
These are some of the findings of an RBC poll conducted by Ipsos Reid between
Jan. 31 and Feb. 8, 2013. The online survey is based on a randomly selected
representative sample of 3,005 adult Canadians. With a representative sample
of this size, the results are considered accurate to within ±3.0 percentage
points, 19 times out of 20, of what they would have been had the entire adult
Canadian population been polled. The margin of error will be larger within
regions and for other sub-groupings of the survey population. These data were
statistically weighted to ensure the sample's regional and age/sex composition
reflects that of the actual Canadian population according to the 2011 Census
Jo-Ann Fraser, RBC Corporate Communications, 403-292-3372 Ka Yan Ng, RBC
Corporate Communications, 416-974-1794
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CO: RBC Royal Bank
NI: FIN ECOSURV
-0- Mar/26/2013 09:00 GMT
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