FW: BC Region Media Bulletin: HOME BUYING INTENTIONS REMAIN STEADY IN B.C.: RBC POLL

To: all realtor partner,
 
Here is Joe’s website: http://www.byreferralonly.com/
And, Attached below is the National and Local Home Ownership survey releases distributed today.

<<National nr PDF.pdf>> <<BC nr PDF.pdf>>

Key B.C. Highlights

• 29 per cent of residents admit they are likely to buy a home in the next two years.
• Having a good down payment is the top worry for 20 per cent of residents
• Homebuyers believe it makes more sense to buy a home this year (54 per cent), rather than waiting until next year (46 per cent), narrowing the gap from 2010 (68 per cent versus 32 per cent)
• B.C residents are less optimistic than last year about the price of their home, as 67 per cent feel the value of their home has increased in the past two years, slightly below the national average of 69 per cent and 16 per cent believe that the value of their home has decreased.
• 30 per cent plan to buy a new home rather than a resale, 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-ten (79 per cent) 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, 48 per cent, which is eight points above the national average.



British Columbians indicate they are looking buy the following types of homes

• Detached house 54 per cent
• Condo/loft 17 per cent
• Semi detached house 11 per cent
• Townhouse 13 per cent

Highlights of Key National Findings

Canadians feel they are doing a good job of paying down their mortgage debt

• a compelling 85 per cent of Canadian homeowners feel they are doing a good or excellent job of paying down their mortgage.



Conclusion: Canadians are confident that they’re doing a good job of making their payments and managing their mortgage debt. Almost three-quarters of Canadians are confident they or their family are well-positioned to weather a drop in the real estate market.

Homes are a good investment

• 90 per cent of Canadians homeowners believe a home is a good investment.

Conclusion: For a significant majority of Canadians, their home is as much an investment as it is a place to live. The relative stability of Canada’s housing market and our study shows Canadians continue to have an overwhelming belief in the long-term value of a home.

Intentions to buy a home

• home buying momentum in Canada will continue with 29 per cent of Canadians likely to buy in the next two years, down slightly (two points) from last year but higher than any other year since 2006.

Conclusion: It’s important for first time buyers to get solid advice about what they can afford, not only today, but down the road.  That’s why we recommend homebuyers meet with their banker to “stress test” their mortgage for interest rates increases, before they buy, to make sure future payments remain within their comfort zone.

Balanced market and worries around rising home prices, interest rates

• 40 per cent of Canadians feel the current housing market is balanced equally between buyers and sellers, a rise of five points over 2010.
• Homebuyers are most worried about rising home prices (26 per cent) and rising interest rates (22 per cent).

Conclusion:  Recent real estate data points to a more balanced market and the survey indicates that Canadians are feeling the same way.

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