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Fewer Canadians looking to buy homes in next five years

Posted by: In: Real Estate 18 Apr 2014 Comments: 0 Tags: ,
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The number of Canadians looking to purchase property in the next five years has fallen from 48% last year to 44% now, says a new report, which also finds average prices are expected to rise 13.2% in the next decade

The number of Canadians intending to buy a home in the next five years has dropped by 4% in the last 12 months, new data shows.

The number of homeowners hoping to purchase a property in the next five years has fallen from 48% last year to 44% this year, although that still shows high confidence in Canada’s housing market, particularly among buyers aged under 30, says the Bank of Montreal (BOM), 2014 Housing Confidence Report,

On average, home owners expect Canadian property values to grow by 2.3% in the next year, and 13.2% over the next 10 years.

Buying intentions widely across Canada, with Montreal and Calgary gaining and Toronto, Vancouver and Atlantic Canada losing out as property price increases slow.

The study shows:

  • Intent to buy has surged in Montreal, with 63% planning to purchase a property in the next five years – up 13% on last year
  • Half of those in the Greater Toronto Area (51%) plan to buy the next five years, …read more

    Source: OPP

        

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