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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Single-engine aircraft crashes near Telkwa

Two occupants of the plane sustained minor injuries and were transported to hospital

Cullen announces bid for provincial NDP nomination for Stikine riding

Current MLA Donaldson not seeking re-election

Anne Marie Sam seeks NDP nomination for Nechako Lakes riding

She also ran in 2017 but was defeated by BC Liberal John Rustad

Reserve a gym spot online with the Houston Leisure Facility

The online system is another step to make things easy during the pandemic

Bulk water, sewage project gets council’s approval

Facility to service large-scale users

VIDEO: B.C. to launch mouth-rinse COVID-19 test for kids

Test involves swishing and gargling saline in mouth and no deep-nasal swab

70-year-old punched in the head in dispute over disability parking space in Nanaimo

Senior’s turban knocked off in incident at mall parking lot

CHARTS: Beyond Metro Vancouver, COVID-19 cases in B.C. haven’t increased much recently

COVID-19 case counts outside of Metro Vancouver have been level since July

Record-breaking 165 new COVID-19 cases diagnosed in B.C. in 24-hour period

Fifty-seven people are in hospital battling the novel coronavirus

B.C. teachers file Labour Relations Board application over COVID-19 classroom concerns

The application comes as B.C.’s second week of the new school year comes to a close

Young Canadians have curtailed vaping during pandemic, survey finds

The survey funded by Heart & Stroke also found the decrease in vaping frequency is most notable in British Columbia and Ontario

B.C.’s COVID-19 economic recovery plan: Top 5 things you need to know

Jobs training, tax incentives for employers to hire staff and more

March to protect old growth, stop industrial logging coming to B.C. Legislature

Organizers say they want to give frontline communities a bigger say in nearby logging

B.C. releases details of $1.5B economic recovery plan, $660M in business tax incentives

Economic plan includes support for employers, as well as training for workers

Most Read