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

Just Posted

Highway 1 closed to due fatal accident east of Revelstoke

A dump truck lost control and the driver was ejected

Stetski talks up NDP election platform

NDP candidate for Kootenay-Columbia riding outlines election ‘commitments’ to Canadian voters

Boat sinks in less than a minute on Mitten Lake

A Saturday afternoon at Mitten Lake quickly turned sour for a local… Continue reading

Abra Brynne wins Kootenay-Columbia Green Party nomination

Brynne is one of three candidates who will challenge MP Wayne Stetski

Bizarre Review: Captain mediocrity

Ahh, finally. The last Marvel installment before Avengers: Endgame. Captain Marvel. Or… Continue reading

Joaquin ‘El Chapo’ Guzman sentenced to life in prison

Experts say he will likely wind up at the federal government’s Supermax prison in Florence, Colorado

Olympic softball qualifier gets $150K boost from provincial government

2019 Americas Qualifier to be held in Surrey from Aug. 25-Sept. 1

Gas price inquiry questions Trans Mountain capacity, company denies collusion

The first of up to four days of oral hearings in the inquiry continue in Vancouver

‘Benzos’ and fentanyl a deadly cocktail causing a growing concern on B.C. streets

Overdoses caused by benzodiazepines can’t be reversed with opioid-overdose antidote naloxone

Will you be celebrating national hotdog day with any of these crazy flavours?

The popularity of hotdogs spans generations, cultures

Former home of accused Penticton shooter vandalized

Ex-wife of man who is accused of murdering four people had her house vandalized

Survivor of near-drowning in B.C. lake viewing life through new eyes

“If I died that day, the baby wouldn’t know his dad,” said 31-year-old Mariano Santander-Melo.

‘Beyond the call’: Teen in police custody gets birthday surprise by B.C. Mountie

Unusual celebration started when Staff Sgt. Paul Vadik went to visit the teen in his Coquitlam cell

Thunderstorms forecast across B.C.

Environment Canada has issued a thunderstorm watch for B.C.’s central Interior

Most Read