Following a tough year for the Alberta housing market, more locals are intent on getting on the property ladder, according to a new RBC home ownership survey.
The province’s housing supply crisis was severely affected by the catastrophic floods last year, which, in turn, contributed to rising prices.
Over half of those surveyed in Alberta say they believe home prices will increase this year, with over 30 per cent saying they are likely to purchase, up from 22 per cent in 2013.
"We saw a drop in purchasing intent last year in Alberta, so this renewed intent in 2014 shows that people in the province are confident in their ability to get into the market and invest in a home," said Don Peard, regional vice-president, mortgage specialists, RBC.
Across Canada, 41 per cent of those in the 25-34 year old age group are intending to buy, up from 25 per cent in 2013 with more than half of whom will be doing so for the first time.
The Prairie region also saw a significant increase in home purchasing intention, up by 9 per cent to 21 per cent in 2014. This level of optimism was also notably felt in Quebec (up 10 per cent), Ontario (up 10 per cent), Atlantic Canada (up 9 per cent) and B.C. (up 2 per cent.
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Fearing further price rises in the future, more Albertans are ready to get their cheque book out this year and buy.