Fewer Canadians are planning to purchase a home in the next two years, but more than a third of those will be first-time homebuyers, according to a study released Tuesday.
The annual poll by Royal Bank found that 15% of those surveyed say they're likely to buy in the next two years, a drop from 27% from the previous year.
Among those with buying intentions, 40% say they'll be signing a mortgage for the first time.
But an overwhelming majority of those polled (84%) still see real estate as a sound investment. While 52% say now is a good time to get into the market.
Nearly half of those surveyed (49%) say they expect mortgage rates to be same this time next year, while 43% admit they believe home prices will continue to climb.
The 20th Annual RBC Home Ownership Poll was conducted online by Ipsos Reid from Jan. 31 to Feb. 8.
The survey polled a randomly selected sample of 3,005 Canadian adults, and is considered accurate within +/-3.0 percentage points, 19 times out of 20.
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