RBC says BUY BUY BUY!!!!

RBC study finds home purchasing intentions rebound in Ontario

	    Almost two-in-three Ontarians say it's a buyer's market

	    TORONTO, March 4 /CNW/ - Homebuying intentions in Ontario have increased
over last year and sit just shy of 2007 levels, according to the 16th Annual
RBC Homeownership Survey. The poll found that 30 per cent of Ontarians said
they were likely to purchase a home within the next two years, up from 21 per
cent in 2008.
	    The survey, conducted by Ipsos Reid, found that a large majority (73 per
cent) believe it is a buyer's market right now, with less than one-in-ten
(seven per cent) saying sellers currently have the advantage. Given current
housing prices and economic conditions, most Ontarians (54 per cent) believe
it makes more sense to buy now, rather than wait until next year.
	    "With mortgage rates and housing prices looking more favourable than they
did last year, many Ontarians are saying now is the time to buy," said Doug
Crowe, vice-president, Mortgages, Greater Toronto Area, RBC. "Our survey also
showed that an overwhelming majority of Ontarians still feel confident that
buying a home is a smart, worthwhile investment."
	    In fact, according to the survey, 84 per cent of those polled in Ontario
said that buying a home is a good or very good investment. On average, Ontario
homeowners approximate the value of their home at $247,632. On average, they
also estimate that the value of their homes increased 10 per cent over the
last two years.
	    Among those who plan to purchase this year or next, 34 per cent cited the
need for a bigger home. Thirty-three per cent will do so because their current
home does not meet their needs, and 32 per cent said they will buy because
house prices are attractive. Seventy-six per cent said they plan to purchase
resale and most (69 per cent) will opt for a detached house.
	    Future Ontario homebuyers also specified that environmental
considerations would weigh on their purchase decision. Almost all respondents
(96 per cent) indicated that buying a home with low energy consumption was
important to them and 81 per cent said the same about environmentally-friendly
features. Further, 91 per cent of those surveyed were interested in having
standardized energy ratings for their homes.

	    <<
	    -------------------------------------------------------------------------
	    Regional Differences        Nat     BC     AB  SK/MB     ON     QC     AT
	    -------------------------------------------------------------------------
	    Own a home                  67%    69%    69%    70%    68%    60%    67%
	    -------------------------------------------------------------------------
	    Percentage of homeowners
	     who have a mortgage        61%    56%    46%    62%    64%    66%    60%
	    -------------------------------------------------------------------------
	    Percentage who believe it
	     is a buyer's market        65%    78%    72%    34%    73%    52%    58%
	    -------------------------------------------------------------------------
	    Owners and renters who are
	     'likely' or 'very likely'
	     to purchase a home in the
	     next two years             27%    26%    35%    25%    30%    22%    25%
	    -------------------------------------------------------------------------
	    Believe mortgage rates
	     will be higher in one
	     year's time                33%    28%    26%    35%    33%    33%    46%
	    -------------------------------------------------------------------------
	    Believe housing prices
	     will be higher in one
	     year's time                25%    20%    23%    27%    26%    25%    36%
	    -------------------------------------------------------------------------
	    Believe buying a home is
	     a good investment          83%    81%    86%    83%    84%    79%    84%
	    -------------------------------------------------------------------------
	    Homebuyers planning to
	     purchase a detached home   68%    76%    63%    63%    69%    60%    84%
	    -------------------------------------------------------------------------
	    Homebuyers planning to buy
	     a bigger home              47%    42%    40%    69%    52%    49%    20%
	    -------------------------------------------------------------------------
	    Homebuyers planning to buy
	     a resale home              74%    83%    71%    60%    76%    75%    64%
	    -------------------------------------------------------------------------
	    Homebuyers planning to buy
	     a new home                 26%    17%    29%    40%    24%    25%    36%
	    -------------------------------------------------------------------------
	    >>

	    These are some of the findings of an RBC poll conducted by Ipsos Reid
between January 6 and 9, 2009. The online survey is based on a randomly
selected representative sample of 2,026 adult Canadians. With a sample of this
size, the results are considered accurate to within +/-2.2 percentage points,
19 times out of 20, of what they would have been had the entire adult Canadian
population been polled. The margin of error for residents of Ontario is +/-3.5
per cent (N=771) and the margin of error for Ontario homeowners is +/-4.2 per
cent (N=535). The margin of error will be larger for other sub-groupings of
the population. These data were statistically weighted to ensure the sample's
regional and age/sex composition reflects that of the actual Canadian
population according to the 2006 Census data.

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Sherif Nathoo

Sherif Nathoo

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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