Derek Sankey
Province
Sixty-four per cent of Canadian adults own their home, but that number could drop because significantly fewer people intend to buy a home in the next two years due to the lack of affordability, according to new research by RBC Financial Group.
Overall intentions to buy a home in the next two years have dropped by five per cent to 23 per cent of adult Canadians. Those who say they are “very likely” to buy have slipped from nine per cent in 2007 to seven per cent this year, the lowest level in 15 years.
“This year’s results definitely signal a change,” says Catherine Adams, vice-president of home-equity financing for RBC.
For first-time homebuyers, much of the hesitation is due to lack of knowledge about their options and a sense that it’s a confusing, daunting task.
