Toronto, Ontario (PRWEB) April 04, 2013
According to the latest survey report published by the Royal Bank of Canada on 26th March 2013, the number of prospective home buyers in Canada has dropped to 15% in one year. Marcus Arkan, CTO of Syndicate Mortgages stated that the survey rightfully represents the pessimism among young buyers. However, he encouraged Canadians to have faith in the housing market that is clearly steering away from the bubble.
According to the report, this is the biggest drop in home buying intention ever reported in Canada. Last year, 27 percent of the people who took the RBC survey showed intentions of buying a home in the future. The news of RBC’s latest survey report was covered by all of the major tabloids, including the Huffington Post and the Financial Post.
However, Mr. Arkan stated that the most noteworthy point in the report was not the declining number of prospective home buyers but the level of confidence in the housing market. He said, “The reason people are reluctant about their future buying plan is the mortgage rule change introduced last year. Affordability has become a major threat for buyers. Yet, the confidence in the market is still strong.”
Backing Mr. Arkan’s statement, RBC’s survey also showed that 84 percent of the Canadians who took the survey had strong confidence in the national housing market and investment in Canada real estate. Moreover, 52 percent of the people said that they believe it is currently a good time to invest. “People are positive about the market but they are also hopeful that the lowest Canada mortgage rates will prevail. That is probably the reason they are waiting to make a decision,” Mr. Arkan added.
While Mr. Arkan blamed last year’s rule changes as the major culprit behind pessimism among young buyers, 56 percent of the people who took the survey also admitted to being affected by a shortened amortization period. On the other hand, however, 59 percent said that they are not likely to be affected by the 5 percent down payment policy.
Mr. Arkan further added that a young buyer demographic has remained the key player in any housing market and they should have faith in the Canadian market as it is successfully steering away from the possibility of a bubble.
RBC’s survey was conducted online by Ipos Reid from January 31st to February 8th 2013. A total of 3,005 randomly selected Canadian adults participated in the survey. You can view the complete survey report at Ipos Reid’s website http://www.ipsos-na.com/news-polls/pressrelease.aspx?id=6049
For more information regarding Canada housing and mortgage industry, 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.
Syndicate Mortgages Inc.
Toll Free: (888) 646-1062