British Columbians Most Eager To Buy
Royal Bank of Canada, March 12th, 2007It came as little surprise this week when the RBC Royal Bank’s 14th Annual Homeownership Survey found that 11% of B.C. residents said they are “very likely” to purchase a home in the next two years, on par with last year and two points higher than the national average. B.C. residents (59%) are also among the most likely in Canada to say, “buy now” rather than wait until next year. An overwhelming majority of British Columbians continues to see great value in homeownership, with 93% believing buying a house or condominium is a “good” or “very good” investment. Of those who plan to buy in the next two years, 80% said they will likely purchase a resale home and almost half plan on buying a home larger than their current residence.
The poll found that 65% of B.C. residents expect housing prices will be higher by this time next year and a majority (55%) said they are concerned about interest rate increases in 2007. Forty-five per cent expect to see mortgage rates higher in a year’s time.
On average, B.C. homeowners estimate the value of their homes at $373,489, well above the national average of $227,862. They also estimate that the value of their home has increased by an average of 35% over the last two years.
On average, B.C. mortgage holders have $153,544 outstanding on their mortgages - the largest average in the country - and 65% of B.C. homeowners have a mortgage. The RBC poll was conducted by Ipsos Reid between January 18 and 22, 2007.
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