“A growing majority of Canadians do not intend to buy a house in the next two years, even with mortgage rates near record lows, according to a Royal Bank of Canada survey released on Thursday.
In RBC’s annual poll of Canadian homeowners, 73 per cent of respondents said they are unlikely to buy within the next two years, an increase of 2 per cent over the previous year’s survey.
However, 46 per cent of those polled expected mortgage rates to stay at ultra-low levels next year, up sharply from 30 per cent in 2011.”
– from ‘Despite low rates, many Canadians holding off home purchases: survey’, G&M, 5 Apr 2012
Coming soon, the sister article:
‘Despite falling prices, many Canadians holding off home purchases: survey’.
As has been discussed on these pages recently, despite very low rates, buyer limits will be reached.
And then prices will start declaring a downward direction.
And then the psychology changes completely.