The results of the 18th annual RBC Homeownership Study found 55% of young respondents, ages 18 to 34, believe it made sense to delay a home purchase until 2011. That’s about 10 percentage points higher than the national average.
Additionally, 46% of young homeowners say mortgage costs were using up too much of their income.
In the Canadian housing industry, youth matters, as the poll found younger respondents were much more likely to buy a home in next year than the national average, at 46% compared to 29% of all respondents.
“In a more balanced housing market, it makes sense that younger and first time homebuyers are waiting to assess all of their options and do their research before buying a home,” said Bernice Dunsby, director of client acquisition, home equity for RBC.
The poll also found that younger Canadians were not as interested in detached houses as those in a mid-range age of 35 to 54.
Some 71% of middle-aged Canadians preferred a detached house, compared to 59% of younger respondents and 68% of respondents over the age of 55.
Condos/lofts ranked second on the list of preferences for both younger, mid-range, and the 55-plus respondents, at 15%, 10% and 15% respectively.
Younger Canadians were also less likely to rely on real estate agents. Some 55% of younger respondents said they would rely on real estate websites, 48% said family, and 35% said friends.
Of the mid-range and 55-plus respondents, nearly three of four said they would rely on the advice of a real estate agent as their first choice for advice.
Concern about having a good down payment on a mortgage, as well as rising real estate prices, ranked high on the list of concerns for younger buyers, at 23% each.
For respondents over the age of 55, 36% said increasing home prices was their biggest worry when deciding to purchase a home.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate