For Canadians who have been shut out of an inaccessible housing market, there may be a silver lining around the dark economic cloud that's been hovering since last year.
According to the annual RBC Homeownership Survey, most of us think now is a good time to buy a house, and almost a third plan to do so this year or next.
"With mortgage rates and housing prices looking more favourable than they did last year, many Ontarians are saying now is the time to buy," noted RBC's Doug Crowe. "Our survey also showed that an overwhelming majority...still feel confident that buying a home is a smart, worthwhile investment."
The poll of 2,026 adult Canadians found that 73 per cent believe it's a buyers market right now, with only seven per cent saying sellers have the upper hand.
Partly because of this, 30 per cent of those asked said they would probably purchase a home in the next two years, up from 21 per cent in 2008. Others will be looking because they want a bigger house or their current home does not suit their needs.
Surprisingly, homeowners in the province still estimate that the value of their homes increased 10 per cent over the last two years.
National Breakdown
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Regional Differences Nat BC AB SK/MB ON QC AT
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Own a home 67% 69% 69% 70% 68% 60% 67%
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Percentage of homeowners
who have a mortgage 61% 56% 46% 62% 64% 66% 60%
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Percentage who believe it's
a buyer's market 65% 78% 72% 34% 73% 52% 58%
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Owners and renters who are
'likely' or 'very likely'
to purchase a home in the
next two years 27% 26% 35% 25% 30% 22% 25%
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Believe mortgage rates
will be higher in one
year's time 33% 28% 26% 35% 33% 33% 46%
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Believe housing prices
will be higher in one
year's time 25% 20% 23% 27% 26% 25% 36%
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Believe buying a home is
a good investment 83% 81% 86% 83% 84% 79% 84%
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Homebuyers planning to
purchase a detached home 68% 76% 63% 63% 69% 60% 84%
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Homebuyers planning to buy
a bigger home 47% 42% 40% 69% 52% 49% 20%
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Homebuyers planning to buy
a resale home 74% 83% 71% 60% 76% 75% 64%
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Homebuyers planning to buy
a new home 26% 17% 29% 40% 24% 25% 36%
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Source: RBC Home Ownership Survey