Only 29% of Canadians think it’s a good idea to buy a home now: Poll
BNN Bloomberg
As home prices march higher and interest rates rise, homebuyer sentiment in Canada is plummeting, a new survey has found.
As home prices march higher and interest rates rise, homebuyer sentiment in Canada is plummeting, a new survey has found.
Only 29 per cent of respondents think now is a good time to buy a home – a drastic decline from 50 per cent of respondents who thought the same last year, according to a new survey conducted by Oxford Economics on behalf of Mortgage Professionals Canada. The survey collected data from more than 2,000 Canadians.
“This is the lowest share ever recorded in the history of our survey,” said Paul Taylor, president and chief executive officer of Mortgage Professionals Canada, in a release Wednesday.
Despite souring sentiment though, most Canadians expect home prices will rise further. Fifty-six per cent of respondents said they expect an increase of any magnitude, while 26 per cent said they expected home prices to jump significantly.
The data also showed Canadians gave an average score of 7.1 out of 10 on whether owning real estate was a good long-term investment.
In the latest Canadian Real Estate Association data, benchmark home prices posted a record month-over-month jump of 3.5 per cent in February. Prices were up nearly 30 per cent on an annualized basis.
