10 Mar 2011

Ontario residents the most confident about housing market being balanced

As some of the more confident people in the country about Canada’s real estate market, Torontonians likely won’t be moving or clearing out their storage units any time soon. If anything, they’ll be renting out Toronto storage units.

According to a survey conducted by the Royal Bank of Canada, Ontario leads the country in the number of people who view the current housing market as being balanced, with a whopping 80 percent of those looking to buy – four out of five people – saying they plan on purchasing a home with in the next one or two years. That’s the highest rate in the country, which is saying something because a majority of Canadians – 90 percent – are confident about the real estate market.

“Canadians believe in the long-term benefits of owning a home including the value it can provide, both personally and as a long term investment,” said Marcia Moffat, head of home equity financing for RBC. “This year marks a return to more normal levels of purchase intentions and recent data reflects this move to a more balanced market.”

As it appears, real estate experts and consumers are largely in agreement about the state of Canada’s economic climate as 2011 progresses.

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