I'm not at all surprised that the largest response segment is below average price purchasers. I am a little surprised that the next-biggest is "I wouldn't buy a home at current prices." If this is the true trend, lookout market, seems like Canada is losing confidence in you pretty big.
The line of question is pretty funny really, especially considering the final answer. Why is the question not "what would you pay" rather than "what can you pay?"
We're watching the lower mainland developments awash with mixed feelings. We feel bad for homeowners and investors, but at the same time, greed does make people do stupid things. Like build on a pretty-regular floodplain.
Rental markets remain tight: no surprise there.
I thinks it may be time to get out of debt completely, don't you?
On demographics and Real Estate:
"This less favourable demographic trend does not in itself pose a major risk to the housing outlook," said Adrienne Warren, senior economist with Scotia Economics. "Real household income growth and the level of interest rates have a statistically more significant influence on housing sales and price appreciation."Emphasis is, of course, mine. Remember that real income growth is stagnant and mortgage interest rates have already gone up over 2% in the past 3 years and they look to climb back up to historical norms of 7.5% over the next year or so. Interesting times ahead.
But of course, we'll just keep buying new cars to make ourselves feel better.