According to a poll released yesterday from the Royal Bank of Canada, more young Canadians believe that home ownership is a good investment. The home ownership poll reports that 86% of Canadians aged 25-34 believe owning a home is a solid investment, an increase over the 2013 reading of 78%.
Young Canadians’ attitude towards home ownership is also reflected in buyer intentions, with interest from the 25-34 age group increasing to 41%, compared to just 25% in last year’s poll. RBC notes that “this change in buying intention points to a renewed confidence in young buyers who may have felt that buying wasn’t an option last year.”
Erica Neilson, RBC’s Vice President of home equity finance, added that “the increase in the number of those who feel the housing market is a good investment, as well as the number of those who intend to buy, really highlights that Canadians have no doubt in the strength of the housing market.”
The poll went on to reveal that 62% of Canadians intend to buy a home with a spouse or a partner, while 28% would be likely to purchase a home on their own. For those who do intend to buy this year, job stability and manageable debt were reported as the top factors considered, demonstrating that “Canadians are more mindful of their finances than in 2013, which directly impacts the ability to afford home ownership.” Further, 4 in 10 of home buyers who are likely to purchase in the next two years will be first-time buyers.
The spring market is currently in full bloom in Ottawa, and now is a great time to think about buying or selling real estate. Contact us today for a free market evaluation of your home, or find your next dream house or condo. You can also contact us directly with any additional questions about the Ottawa real estate market, or browse our website for a sales representative.
You can read the full details from RBC’s Home Ownership Poll on their website.