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RBC Homeowners Survey Reveals Vast majority of Canadians view buying a home as a good investment
The 17th annual Royal Bank Homeowners survey shows that Canadians not only want to buy a home, they also see their home as their primary asset for retirement.
The RBC study conducted by Ipsos Reid found that 91 per cent of Canadian homeowners believe a home is a good investment, the highest level in 12 years, and one-quarter (26 per cent) expect their home to be their primary source of income when they retire. Young people between 18 and 24 showed a strong interest in buying a home with almost twice as many expressing an interest in buying.
"With the Canadian housing market showing continued vigour, it's not surprising that Canadians feel more confident in the long-term value of owning a home," said Robert Hogue, senior economist, RBC. "Exceptionally low mortgage rates and improved affordability have been key reasons for the resurgence in the housing market this past year."
Respondents expect home prices and mortgage rates to rise this year. 44% percent of respondents expect to take out a fixed rate mortgage while 40 per cent intend to take both a variable and fixed rate.
Read more on what's happening in the Mississauga real estate market on our blog.
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