Homebuying intentions fall, but Albertans still lead the country when it comes to confidence in owning a home.
Nearly nine-in-10 Albertans (89 per cent) surveyed say buying a house or condo is a good investment, higher than the national average (84 percent), even as home buying intentions have dropped from a year ago (22 per cent, compared with 31 per cent), according to the 20th Annual RBC Homeownership Poll.
The poll found that 71 per cent of Alberta residents say that the housing market in their community is overpriced, ranking as one of the lowest in the country, and compared to the national average (73 per cent) . Almost half of Albertans (49 per cent) feel their current housing market is balanced, compared to the national average of 40 per cent.
Other key Alberta highlights from the poll:
- Alberta residents mostly expect mortgage rates to be higher at this time next year (48 per cent), while 45 per cent expect them to be the same as they are today. Few Albertans surveyed predict mortgage rates will be lower this time next year (7 per cent).
- Half of Albertans (50 per cent) see higher home prices at this time next year, while 32 per cent believe they will be the same. One-in-five (18 per cent) say housing prices will be lower.
- Three-quarters of Albertans (74 per cent) say recent government changes will impact or delay people getting into the market, similar to the national view (75 per cent).
Nationally, four-in-10 Canadians (40 per cent) planning to enter the housing market over the next two years will be first-time homebuyers.
The majority of Canadians are taking a wait-and-see approach to home purchases, with 15 per cent likely to buy in the next two years, down from 27 per cent last year. The 12-percentage-point drop is the biggest year-over-year fall in overall buying intention as tracked by this annual poll.