Ontarians On Housing and Economy

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March 8, 2010

92 percent of Ontario residents believe that purchasing a new home is a good investment, the 17th Annual Homeownership Survey conducted in January by Royal Bank Canada suggests. 34 percent of them will even probably purchase a new house or condo in the next two years, which is a 4 percent growth from last year.

The main factors influencing their will to buy a new home are good housing prices (32 percent on Ontarians said so), favorable interest rates (according to 20 percent of respondents), and also upcoming HST (5 percent). 68 percent of Ontario residents are convinced that it makes sense to buy a home now and not to wait until next year. More than a half of respondents, 55 percent, plan to purchase a bigger home.

64 percent of Ontarians think that housing prices are going to increase this year and 67 percent of them are worried about mortgage rate rises. That will likely cause financial difficulties to 61 percent of them (they believe so). What do you think? Are your opinions and expectation the same as of the majority of Ontarians?