The results of a recent poll of potential Canadian homeowners were presented at the 37th annual Canadian Home Builders’ Association conference earlier this year.
A recent study found many Toronto renters plan on becoming homeowners soon.
Some of the key statistics presented in the poll were:
• 24 percent of Canadian homeowners plan to sell their home and buy another one within the next two to three years.
• One-third of renters expect to buy their first home within the next two to three years.
• The above two statistics combined mean that more than a quarter of Canadians intend on buying a house in the near future.
• 79 percent of these renters believe that the credit necessary for them to buy a home will be easily obtained.
• One-quarter of respondents say that obtaining the credit necessary for them to buy a home will be very easily obtained.
• Seven out of ten Canadians believe the current interest rates will rise soon.
• 69 percent of respondents in Ontario and Toronto worry about the HST making it difficult for them to purchase a home.
These Results Prove That Canadians Who Are Planning On Buying A Home Soon Are Well-Versed In What Interest Rates Will Mean For Them As Homeowners With A Mortgage.
The numbers were presented by Allan Gregg, one of Canada’s most prominent research professionals. In his presentation he noted that the recession created a “psychological impact on Canadians leaving them more cautious, frugal, discerning, demanding and if necessary prepared to do without” but that housing would not be something Canadians would choose to do without.
The presentation alluded to the fact that the recent mortgage rules may affect the younger home buyers, but that the industry would benefit from the mortgage rules not being as strict as they had been planned to be.
“Don’t let this window of opportunity close by virtue of the actions of others, most particularly mortgage lenders and public policy makers,” Gregg said, “they are the only things right now, barring some cataclysmic change in the data that we just reviewed, that could have a significant effect on this tremendous potential that appears to be yours right now,” he told the Canadian Home Builders’ Association.
The new rules impacting first-time buyers include buyers having to prove they can pay for a more expensive five-year fixed-rate mortgage even if they are only applying for a less expensive lower-rate mortgage. However, suggested rules that never came to pass include minimum down payments being increased from five per cent to ten per cent, as well as the maximum amortization time being reduced from 35 to 30 years.
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