First-time buyers are ready to get on the ladder

First-time homebuyers in Canada believe that now is the right time to get on the property ladder, according to a new poll by mortgage lender RBC.

It showed that out of the one in four Canadians who plan to buy a home in the next two years, 44 per cent will be first-timers.

The survey also showed that 84 per cent of respondents believe that buying a home is a good investment.

The main concern is the state of personal finances; 50 per cent of respondents said they don’t have a large enough downpayment, while 48 per cent said they don't have enough income. Nearly a third (29 per cent) cited low job security while 27 per cent cited high personal debt.

Nationally, 49 per cent of respondents said that it makes sense to buy now with 37 per cent believing that the market is balanced; however, 36 per cent said that it is now a buyers’ market.

That sentiment increased in Alberta (43 per cent, up from 22 per cent a year ago) and Quebec (50 per cent, up from 43 per cent). Across the country, 28 per cent said it’s a sellers’ market. 

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