MORTGAGE Blog & ARTICLES
People’s Positive Outlook and Forecast for Home Buying
Based from the latest report of National Survey contracted by the Genworth Canada, most Canadian people are still confident when it comes in buying homes for sale. With continuous innovation of real estate industry in Canada, more people in the country believe that buying home in a secured and peaceful place is still a great investment. Confidence of people to buy home for sale in Canada is a beneficial for the real estate industry in Canada.
According to the report, more Canadian people today tend to save money allocated for paying off down payments. Saving for down payments is indeed a smart home buying behaviour of people in Canada. Looks like that people in Canada remain to be optimistic when it comes on home buying in the country. There were 1, 507 respondents and results of the survey suggested that almost majority of respondents are optimistic when it comes on buying homes for sale. The survey was completed with the help and collaboration of Canadian Association of Credit Counselling Services.
Confidence of Homebuyers in the Real Estate Market
It seems that more people in Canada are interested to buy home for sales based from the recent report and survey. Almost 17% of Canadian people think that today is the best time to buy home for sale. Results of this survey greatly manifest that it is a higher figure compared to previous surveys. High interest of many people to buy home for sale is the result of people’s confidence in the continuous growth of real estate industry and market. From 1, 507 respondents, 64% of people who responded in the survey believe that prices of houses today will continue to rise for the next years. This could be due to confidence in the growth of the real estate market. 64 per cent of Canadians surveyed believe that house prices will continue to rise over the next year.
Financial Stability to Buy Homes
Home buyers in Canada are in good positions to buy homes for sale. The survey also revealed that almost 48% of respondents believe and confident that they are in good financial status to buy homes for sale. There are now many Canadian people who save money allocate for their budget to buy down payment. 50% of respondents expect to acquire suitable and sufficient amount for down payment in one or two years. In 2012, only 31% of respondents save money and paid their bills and today almost 38% of respondents claimed that they successfully saved money and paid their bills.
Confidence of Home Buyers and Fear of Investors
The confidence of many people for home buying causes fear to many investors. Investors relatively fear that cost of premium rate will rise. They expect to have almost 15% raise in the value rages of loan.
This forecast was seconded by Sahil Jaggi, an investor. Jaggi believes that mortgage insurance will surely affect investors.
Investor Sahil Jaggi believes this mortgage insurance hike will hit investors. Jaggi, who was interviewed by Canadian Real Estate Wealth, thinks not all property owners should be lumped together. Jaggi thinks the CMHC should be more lenient towards investors with decent incomes and with over 50 per cent in most of their properties.
Positive Outlook for Home Ownership
Based from the report, nine out of ten respondents believe that owning home is part of people’s sense of well being and achievement. More people want to buy a home rather than renting a home. No doubt, Canadian people today are more confident when it comes on buying homes for sale.
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