CONSUMERS CONFIDENT ABOUT HOME BUYING
By Adnews Staff
Low interest rates and increasing consumer confidence could prompt one in five Canadians to consider buying a home this year or next., according to a survey done by the Royal Bank of Canada. Home buying intentions are strongest among consumers aged 25 to 44, with 32% saying they are very or somewhat likely to buy a home this year or next. If they're not moving, about one-third of homeowners expect to spruce up their homes, with about half spending more than $5,000 on home improvements. Alberta and Ontario are expected to lead the way in home buying intentions, but the strongest buying intentions are in the greater Toronto area. Twenty per cent of respondents from Toronto said they are very likely to purchase a home. That's twice the national average. Another 13% said they are somewhat likely to buy a home. The appeal of condominiums is also growing. Nationally, 10% of respondents said they intend to buy a condo next time they're in the market for a home. This compares to 2% in a 1996 survey. In Vancouver, 22% of respondents favored condos and 18% of Torontonians said they would purchase a condo. Condos are particularly popular with people aged 55 and over. Still, detached and semi-detached homes are the favorite, with 67% of consumers preferring these types of dwellings.