In a recent poll conducted by Royal Bank of Canada, home buying intentions among Canadian consumers have slipped to their lowest level in years, as reported on GlobeandMail.com.
Across Canada, home buying intentions slipped by 5 percentage points year over year to 23 per cent, according to the Ipsos Reid poll. The number of respondents who said they were “very likely” to buy dropped from 9 per cent last year to 7 per cent in 2008, the lowest level since the poll was started 15 years ago.
When asked how likely they are to purchase a home within the next two years, here is how Canadian’s responded:
Very likely: 7%
Somewhat likely: 16%
Not very likely: 28%
Not likely at all: 49%
Total vote: 3,022
With fewer home buyers, sales representatives will not only have greater difficulties in selling their existing listings in 2008, but there will also be greater competition among agents for new listings as people stay put in their homes.
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