BC house hunter's becoming more optimistic - RBC report
According to a RBC report released March 7th, optimism in future homeowners in BC is increasing. The report states that 36 percent of BC residents surveyed are likely to purchase in the next two years, an increase of 26 percent over last year.
The report also determined that BC residents were planning to put down the largest average down payment in the country -- $92,676. Respondents between 18 - 24 years of age were most enthusiastic saying the y were very likely to buy, doubling got 15 percent from 8 percent in 2009.Those surveyed cited low interest rates and good prices as there motivators.
Recent sales and price movement in the Vancouver real estate market support the conditions outlined in the survey. However any report that poses hypothetical question such as these can't be taken for too much. If market conditions were to change and the Bank of Canada raised interest rates public sentiment could change dramatically.
The poll conducted by Ipsos Reid covered 2,047 Canadian adults and is considered accurate within 2.2 percent 19 out of 20 times.
