73% report they are unlikely to buy in the next two years. Given that ultra low interest rates have already pulled far more households into ownership than in the past (see chart, and probably safe to assume that overall trend continued upward for 6 more years), it's unclear who the remaining potential buyers actually are. New grads? Second home buyers?
This bubble has to scrape the margin another round to sustain itself. This survey implies the remaining margin comprises wishful thinkers and speculators.
Most Canadians plan no home buying in next 2 yrs-RBC
This bubble has to scrape the margin another round to sustain itself. This survey implies the remaining margin comprises wishful thinkers and speculators.
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| Home ownership rates Canada http://www.statcan.gc.ca/pub/11-402-x/2011000/chap/fam/fam-eng.htm |
60%? Speaking of wishful thinkers...However, 46 percent of those polled expected mortgage rates to stay at ultra-low levels next year, up sharply from 30 percent in 2011. The poll also found that nearly 60 percent felt this year was a good time to buy a house, compared to 41 percent that felt 2013 would be better.
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