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RBC survey finds Albertans most interested in homebuying compared to other Canadians
CALGARY, March 8 /CNW/ - Alberta residents are keenly focused on the housing market, with 92 per cent of respondents believing that buying a home is a good investment, according to the 17th Annual RBC Homeownership Survey. On a national level, Albertans are the most likely (13 per cent) to say they are very likely to buy a home within the next two years, and among those looking to buy, they are also most likely (40 per cent) to say they will buy within the next year.
Survey respondents cite good housing prices, favourable interest rates and the opportunity to buy a home as an investment or second home as the primary reasons behind their buying intentions. The RBC survey, conducted by Ipsos Reid, found that Albertans intending to buy a home plan to put down one of the largest down payments ($85,434) compared to Canadians in other regions. This represents 13.6 per cent of their estimated home value, slightly higher than the national average.
Encouragingly, 77 per cent of Alberta residents, the highest level in Canada, believe they`re doing a "good job" of paying down their mortgage. They are also more likely (29 per cent) to have put down a lump sum payment to reduce their mortgage or have doubled up on a mortgage payment to reduce their mortgage (22 per cent).
"Albertans are feeling positive about their housing market and this is a good sign for the economy," said Don Peard, vice-president, Mortgage Specialists, RBC. "Paying down an existing mortgage is a prudent approach and there are a number of other options available that can help you better manage your mortgage and build home equity faster."
The study also shows Albertan mortgage-holders, along with residents of the Prairies, are most likely (75 per cent) to be concerned about interest rate increases in 2010, with 70 per cent, believing that mortgage rates will be higher next year.
Read the full article here.
CALGARY, March 8 /CNW/ - Alberta residents are keenly focused on the housing market, with 92 per cent of respondents believing that buying a home is a good investment, according to the 17th Annual RBC Homeownership Survey. On a national level, Albertans are the most likely (13 per cent) to say they are very likely to buy a home within the next two years, and among those looking to buy, they are also most likely (40 per cent) to say they will buy within the next year.
Survey respondents cite good housing prices, favourable interest rates and the opportunity to buy a home as an investment or second home as the primary reasons behind their buying intentions. The RBC survey, conducted by Ipsos Reid, found that Albertans intending to buy a home plan to put down one of the largest down payments ($85,434) compared to Canadians in other regions. This represents 13.6 per cent of their estimated home value, slightly higher than the national average.
Encouragingly, 77 per cent of Alberta residents, the highest level in Canada, believe they`re doing a "good job" of paying down their mortgage. They are also more likely (29 per cent) to have put down a lump sum payment to reduce their mortgage or have doubled up on a mortgage payment to reduce their mortgage (22 per cent).
"Albertans are feeling positive about their housing market and this is a good sign for the economy," said Don Peard, vice-president, Mortgage Specialists, RBC. "Paying down an existing mortgage is a prudent approach and there are a number of other options available that can help you better manage your mortgage and build home equity faster."
The study also shows Albertan mortgage-holders, along with residents of the Prairies, are most likely (75 per cent) to be concerned about interest rate increases in 2010, with 70 per cent, believing that mortgage rates will be higher next year.
Read the full article here.