The results are in from the latest RBC – Royal Bank of Canada Annual Homeownership Survey and it appears that “confidence” is coming back into the the housing market. The survey included 2,026 Canadian consumers and was conducted during the second week of January 2009. The results showed that 65% of the participants believed that we are now in a buyers’ market.
The Bank believes that the return of confidence to the market is being driven by the younger generations and the renter population. Within the renter group, 38% said they planned to own within the next 2 years. Also, in the under 35 years old group, 48% said they were planning on making a home purchase.
The Bank also believes that the lower prices combined with lower interest rates will have more people back in the housing market within the next two years.
The RBC website is located at http://www.royalbank.com
