Homebuying intentions falter, survey finds
Last Updated: Tuesday, March 4, 2008 | 4:23 PM ET
CBC News
Fewer Canadians say they plan to buy a home in the next two years, according to a survey by RBC.
The survey suggests 23 per cent of Canadians said they planned a home purchase by 2010, a drop of five percentage points from last year's survey.
"Considering the flurry of activity we've seen over the last few years, this year's results definitely signal a change," said Royal Bank vice-president Catherine Adams in a statement.
The survey also suggests the "intensity to buy" has decreased. The percentage of respondents who say they are very likely to buy in the next couple of years slipped from nine per cent last year to seven per cent in 2008 — the lowest since the survey was conducted taken 15 years ago.
The findings suggest a "potential slowdown" in the housing market — something that may already be taking place.
The Canadian Real Estate Association says homes sales in 20 major markets across the country in January were down 0.4 per cent from the previous month on a seasonally adjusted basis and were down eight per cent, year over year.
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