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Expecting Home Prices to Rise?
Four out of five Canadians expect the prices of homes to increase over the next year, according to a new survey by Genworth Financial Canada.
The Genworth study shows that expectations of home price appreciation vary considerably across Canada. In Alberta, 92 per cent believe housing prices will go up, with 42 per cent saying that prices will increase "a lot" over the next year.
Most Canadians indicate that they expect the bull market in housing to continue, 25 per cent believe that houses will become much more expensive, and 55 per cent say that prices would increase slightly in the coming year.
The survey found that 56 per cent of respondents across Canada feel that now is a good time to buy a home. Sixty-one per cent of Atlantic Canadians and Ontario respondents believe now is a good time to buy, followed by 51 per cent in the Prairie provinces and 47 per cent in Quebec.
"Canadians see home prices appreciating and they don't want to be left behind," said Genworth President Peter Vukanovich. "Fortunately, low down payment mortgages with mortgage insurance make it possible to make a smaller down payment and get into homes sooner even as prices rise."
The study finds that half of all Canadians who purchase homes choose a low down payment mortgage. Forty percent of homebuyers put down five percent of the purchase price, while 35 per cent make a down payment of 10 per cent.
About one-quarter of Canadians surveyed made down payments of less than $5,000. One in five put down between $5,000 and $25,000, and 10 per cent put between $25,000 and $50,000 down.
The telephone survey of 1,000 Canadian adults was conducted for Genworth by Veraxis Research and Communications, and is considered accurate within +/-3.1 percentage points.