A new RBC Poll released this month reports that 55 per cent of young Canadians feel waiting until next year to buy a home makes sense, more so than their older counterparts.
Some highlights from the poll:
– 43 per cent of younger Canadians want to buy a home within the next two years.
– 29 per cent of everyone else plans on buying a home within the next two years.
– Younger homebuyers are more likely to use real estate websites, friends and family over a real estate agent, while the majority of older homebuyers will rely on a real estate agent.
“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 RBC. “It’s also important to get expert advice on what you can afford and leave yourself with a little extra wiggle room in your budget so you don’t become house poor, as home maintenance and lifestyle costs can add up.”
– 23 per cent of younger Canadians are concerned about having a good down payment.
– 23 per cent of younger Canadians are concerned about rising real estate prices.
– 36 per cent of Canadians over 55 say that rising home prices are their biggest concern.
– 43 per cent of younger Canadians are paying their mortgage off much faster than they though they would.
“Being prepared and working with a mortgage specialist will help you buy with confidence and give you expert advice on current financing options. Having a mortgage pre-approval is a critical component of buying a home, particularly for younger homebuyers. It presents you as a serious purchaser to both realtors and sellers,” added RBC.