Monday, July 9, 2007

Not That I Trust Polls Usually...

but this one is just too good to let pass by without comment.
The vast majority of Canadians rank home ownership as a top priority, but are pessimistic about their chances of buying a house in the current market, a new Angus Reid Strategies poll has found

nearly four-in-five Canadians (77%) say that owning their own home is one of their primary goals in life

two-in-three (66%) say that homes in their neighbourhood are overpriced

half (50%) believe that housing prices in their neighbourhood are only going to get more expensive in the next six months

Canadians who own their own homes, nearly all (95%) feel lucky that they bought their homes when they did, and 71 per cent believe their homes are worth the price they originally paid for them

But 74 per cent of homeowners say they would not have the money to put a 20% down payment on their own homes as presently valued

most Canadians who are presently renting feel that buying a home is out of the question in the current market—65 per cent of this group say that they will be waiting for the market to become more favourable before looking to purchase

fewer renters than homeowners (58%) feel their residence is worth the monthly price they pay

Nearly nine-in-ten from Alberta (88%) think homes in their neighbourhood are overpriced, and a similar number of Alberta homeowners (89%) say they could not afford a down payment on their home as presently valued. Four-in-five Albertans who rent their homes (83%) also say they will wait for a more favourable market before buying a home

young Canadians are more likely to have a pessimistic view of their housing markets. Canadians between 18-34 are more likely to believe that housing is overpriced, and more likely to believe that prices will go up in the next half year. In addition, fewer homeowners in this age group believe their homes are worth the price they paid for it

To summarize:
  • we all want to own a house
  • but aren't feeling confident at all about owning one at today's prices
  • most of us think our houses are over-priced
  • half of us are confident the market will continue to rise
  • half of us believe the opposite or are unsure
  • owners feel lucky they bought in at the price they paid
  • most of those owners believe their homes are worth what their original purchase price was (wow)
  • most of those wouldn't be able to buy today
  • most renters won't buy because they can't today
  • most renters will wait for a correction
  • Albertan's are returning to some sense of sanity
  • us young 'uns believe this market is crazy and feel like we got ripped if we bought
You can read a more professional take on this poll, over at The Tyee. Need I point out that even they call it a Bubble?


Anonymous said...

So someone is admitting finally that the s%$t has hit the fan.

how do you like the part where they say that $85 more per month is no big deal, but $500 more will BITE???

Oh well........ as I was told by a bank officer who was sitting in at an open house waiting to bait buyers:

"OH Well, even if some people lose their homes as in 1982, they would have lived in nice houses for a little while...."

vg said...

Tal predicts we will likely start to see decreases in housing prices within the next year, but Tsur Somerville, director of the UBC Centre for Urban Economics and "Real Estate told the Tyee it's hard to be that precise. Changes to interest rates can take at least a year or two to work themselves through the economy, he says. "It's like turning a supertanker. You turn the wheel now but it will have an effect in five miles."

This guy went to university and he didn't study psychology along the way and that it can turn on a dime ? and he says no one credible has called for prices to go down ?
This guy is a piece of work,they didnt have anyone calling the prices in 81 or 90,geezuz where do they get these guys ?

thanks for posting hhv,at least someone said the "B" word,it's outta the bag now.

vg said...

"OH Well, even if some people lose their homes as in 1982, they would have lived in nice houses for a little while...."

Sounds like the new wave thinking of bankers,if a few go down in flames then thats the way she goes,not my problem,not my credit rating toasted for ten years.What an attitude.

Anonymous said...

Nah, it's not hitting the fan. All the real estate industry has to do is get pretty boy reporter Jim Beattie (CTV9) to give a fluff piece on how hot hot hot the Victoria real estate marker is. Comes complete with Chamber of Commerce endorsement PLUS three years of guaranteed construction contracts!

See, click on the archives for Monday. The fluff piece starts at about 22:50.