Business In Vancouver article

Canadians confident about investing in real estate

Wednesday, 09 March 2011

Ninety percent of Canadians are optimistic about real estate in Canada as an investment and 85% say they are doing a good or excellent job of paying down their mortgage, according to the RBC homeownership study released this morning.This comes on the heels of yesterday’s release by the Canadian Mortgage and Housing Corporation(CMHC) stating that housing starts were up from 170, 600 units in January to 181,900 units in February. In B.C., home-buying intentions remain steady, according to the RBC poll. Some 29% of residents indicated they are likely to buy a home in the next two years, on par with the national average and equal to last year. Of those intending to buy homes in B.C., 30% are more likely to purchase a new home rather than a resale. This figure is the highest in the country and eight points above the national average. Those intending to buy a home are also looking more long term, with almost four in 10 planning to purchase in the next one to two years rather than right now. Almost half of the province believes that it’s a buyers market, which is also eight points above the national average. British Columbian’s top concerns when purchasing a home are increasing housing prices and having a sufficient down payment. British Columbians indicate they are looking to buy the following types of homes, according to the poll: •    Detached house 54% •    Condo/loft 17% •    Semi detached house 11% •    Townhouse 13%