Buying Home Survey

An RBC/Ipsos-Reid survey shows when it comes to buying intentions, 33 per cent of British Columbians plan to purchase a house or another home within the next two years, and 13 per cent of that group plan to buy within the next 6 to 12 months. Buying intentions in B.C. are slightly higher than the rest of the country with 29 per cent of Canadians overall planning to buy within the next two years.

According to RBC Royal Bank's 12th Annual Homeownership survey, while British Columbians differ slightly in terms of buying intentions when compared with the rest of the country, homeowners in B.C. estimate their homes as having the highest mean market value in Canada at $401,588. Nationally the average market value is believed to be $236,993. In addition, on average British Columbian homeowners say their homes have increased in value 22 per cent within that last two years - the national average is 18 per cent.


The housing industry is a key economic driver in Canada with existing homes, home building, buying, renovations and mortgage expenditures representing an estimated record $1.7 trillion in 2004. The sale of homes is an important economic indicator and consumer confidence barometer and the RBC survey indicates that 2005 should be another banner year.

WHO HAS A MORTGAGE AND HOW MUCH IS LEFT TO PAY

At 56 per cent, British Columbian homeowners are on par with the national average (56 per cent) when it comes to having a mortgage. In keeping with the high market value of homes in B.C., its not surprising that homeowners who have a mortgage say on average they owe more on their mortgage than any other region in the country at $163,168. This figure is up significantly from 2004, when mortgage holders owed an average of $111,280 on their homes. B.C. residents who are planning to buy within the next two years are also most likely to take out a variable mortgage rate (30 per cent).

HOUSING TYPE PREFERENCES

Potential B.C. homebuyers prefer to purchase resale homes (69 per cent) to newly built homes (25 per cent). At 31 per cent British Columbian homeowners are the most likely in Canada to move to a smaller home than their current residence. Eighty-eight per cent of respondents in British Columbia currently believe buying a house or condominium is a good investment.