Real Estate Survey Shows Lack of Certainty amongst First-Time Home Buyers in Canada

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While Royal LePage’s Latest Poll Indicates a Pessimism in Young Buyers, Expert from Syndicate Mortgages Explains Why it is Still a Good Time to Buy Property in Canada

Marcus Arkan, CTO of one of the leading mortgage brokerage in Canada, Syndicate mortgages, has recently responded to Royal LePage’s Poll result by stating that Canada’s housing market still offers plenty of opportunities for young buyers on a budget. Royal LePage, one of the premier Real Estate firms known for conducting frequent surveys, published the results of their recent poll that indicates increasing pessimism amongst younger homebuyers.

As reported by the Financial Post in its article published on 20th March, 2013, about 72 percent of people born between 1980 and 1994, responded to Royal Le Page’s poll by admitting their pessimism about the ability to buy a home in the future. At the same time, the poll also revealed more than 65 percent of the baby boomers who responded were also uncertain about their future affordability in this aspect.

While the results of the poll were published on Wednesday 20th March 2013, the survey was actually conducted in September 2012. According to Mr. Arkan, Canadian housing market has managed to surprise the skeptics over the past quarter. He adds, “After the mortgage rule changes introduced last year, people were scared. The real estate market did feel a little bump but the current statistics show how the market has managed to stay on its feet. Especially with historic low Canada mortgage rates still available and a lot of correction going on in several major markets, home buyers shouldn’t fret about future affordability anymore.”

Mr. Arkan’s prediction is backed by house price index reported by the Teranet-National Bank. According to the data, the Teranet-National index recorded a month-to-month decline in home prices this February. This is the sixth consecutive price decline recorded by the Teranet National Bank. Mr. Arkan predicted further price correction in markets that are currently overvalued.

According to the poll, 33 percent of young Canadians consider renting as a viable solution. However, they don’t see it as a permanent or long term decision. Like a majority of baby boomers, 55 percent of Generation Y showed intention to buy their primary homes in the future. “Younger Canadians are likely to follow their parents. The situation may be troublesome in some of the markets right now but the dark clouds will soon clear out for majority of Canadian homebuyers,” said Mr. Arkan.

Mr. Arkan regularly shares his views and opinions on Canada housing market and the changing real estate scenario in the country. For more information regarding home buying advice and current mortgage rate, visit the website http://www.syndicatemortgages.com

About Syndicate Mortgages Inc.
Syndicate Mortgages Inc. is one of the leading Canadian mortgage brokerage firms. Founded in 2008 in Ontario, the company specializes in residential, commercial and construction financing across Canada. With years of experience and expertise in the mortgage industry, and access to an array of lending institutions across Canada, Syndicate is known for finding the best mortgage rates for their customers. Syndicate has branch locations across Canada. For contact, please use the following details.

Contact Details
Syndicate Mortgages Inc.
http://www.syndicatemortgages.com
Toll Free: (888) 646-1062
Email: info(at)smibroker(dot)com

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