Atlantic Canadians home purchase interest and intent on the rise: RBC poll

HALIFAX, June 11, 2015 /CNW/ - Most Atlantic Canadians surveyed say it makes sense to buy a home now, in contrast to the rest of the country that says to wait until next year, according to the 22^nd Annual RBC Home Ownership Poll. One-in-five (21 per cent) Atlantic Canadians say they are likely to purchase a home in the next two years, compared to 19 per cent last year.

"Interest and intent are both in contrast to the rest of the country that says to wait until next year, moving up in a market that could be favourable to prospective homebuyers in the region," said Derek Rose, sales manager, Builder Development for Atlantic Canada, RBC. "Atlantic Canadians have the highest confidence in the housing market compared to the rest of the country. If you're thinking about getting into the housing market, a mortgage specialist can help you on your journey through to closing."

Highlights from Atlantic Canada:

• Given current housing prices and economic conditions:
• 61 per cent of respondents say it makes more sense to buy now (national: 49 per cent)
• 39 per cent say wait until next year (national: 51 per cent)
• Consumer sentiment about the state of the market:
• 55 per cent of respondents say it is a buyers' market (national: 36 per cent)
• 29 per cent say the housing market is balanced (national: 37 per cent)
• 16 per cent say it's a sellers' market (national: 28 per cent)
• Thinking about housing prices at this time next year:
• 54 per cent of Atlantic Canadians expect house prices to remain about the same next year (national: 40 per cent)
• 29 per cent say house prices will be higher (national: 39 per cent)
• 17 per cent expect house prices to be lower (national: 21 per cent)

Across the country, 84 per cent of Canadians surveyed believe housing is a good investment (87 per cent in Atlantic Canada). Among Canadians likely to buy a home within the next two years, four-in-10 (44 per cent) say they will be first-time buyers, up from 40 per cent in 2014. In Atlantic Canada, 50 per cent of prospective homebuyers in the next two years will be entering the market for the first time.

About the 22^nd Annual Home Ownership Poll
RBC conducts consumer surveys as one way to provide insight to Canadians about the marketplace in which they live. These are some of the findings of the RBC's 22^nd Annual Home Ownership poll conducted by Ipsos Reid from February 3 to February 14, 2015. The annual online survey tracks Canadians attitudes and behaviours around home buying and home ownership. The results are based on a sample where quota sampling and weighting are employed to balance demographics and ensure that the sample's composition reflects that of the actual Canadian population according to Census data. Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample. The precision of Ipsos online polls is measured using a credibility interval. In this case, with a sample of 2,000 Canadian adults, the poll is accurate to within ± 2 percentage points had all Canadian adults been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.

About RBC Employee Mortgage Pricing
RBC is the largest residential mortgage lender in Canada. For a limited time, RBC is offering Canadians the same mortgage pricing as it offers its employees with RBC Employee Mortgage Pricing: a hassle-free great rate on four- and five-year fixed mortgages and unmatched financial advice and service for all home buying needs. Contact an RBC mortgage specialist today.

SOURCE RBC

Lori Smith, RBC, 902-421-8121
Jill Anzarut, RBC Corporate Communications, 647-534-5118