Canadians homebuyers more talk than action

But despite that, three in four said they are not likely to act on their confidence in the next few years.

The 19th Annual RBC Homeownership Poll showed 59% of Canadians felt now is the time to get into the real estate market, up four percentage points from last year. Some 41% of respondents this year felt it’s best to wait until 2013. Yet waiting a few years before buying will likely be the strategy the majority of Canadians follow, says the survey, with 73% of respondents answering that they are not likely to purchase a home within the next two years.

“There’s a mix of opinions on the housing market, as Canadians still feel confident about real estate but are a little uncertain about where the market is heading and when it makes sense to buy,” said Marcia Moffat, head of home equity and financing at RBC.

“Considerations such as affordability and available housing choices may be the difference between intent and reality when purchasing a home.”

Residing in one of Canada’s currently hottest real estate markets, Ontario residents showed the most confidence, with nine in 10 residents saying a house or condo is a good investment

Albertans lead the country in saying now is the time to get into the real estate market, with 69% agreeing with that sentiment versus 59% nationally. Also, 31% of Albertans plan to buy within the next two years, versus 27% nationally.

In the Prairies, 60% of Manitoba and Saskatchewan residents found the current market is a seller’s market, reflecting a recent run in price gains there. Nationally, only 27% of respondents judged the current market as a seller’s market.

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