RBC Survey finds more Quebec residents plan to purchase homes in the next two years



    MONTREAL, March 4 /CNW/ - While buying intentions across Canada appear to
be cooling, the number of Quebec residents who plan to purchase a home over
the next two years has risen to 21 per cent, from 19 per cent in 2007,
according to RBC's 15th Annual Homeownership Survey.
    "Bucking the trend that we're seeing in every other region of the
country, the pace of homebuying in Quebec may see a slight upturn in 2008,"
said Danielle Coutlée, manager, Sales Strategy and Support. "As mortgage rates
continue to decline and housing prices start to moderate, more Quebecers may
be warming to the idea of homeownership."
    Just less than half (49 per cent) of Quebec residents would "buy now"
rather than wait until next year, while a majority (82 per cent) believe
buying a house or condominium is a "good" or "very good" investment.
    Among those looking to buy within the next two years, 65 per cent said
they will likely purchase a resale home, down 13 per cent from last year.
Seventy-four per cent said they would be looking to buy a detached house and
63 per cent of those polled said they plan on buying a larger home than their
current residence - the largest percentage in the country.
    On average, Quebec homeowners approximate the market value of their homes
at $178,537, below the national average of $239,560. Homeowners estimate that
the average value of their homes has increased by 19 per cent over the last
two years.
    According to the poll, 15 per cent of Quebec residents who plan to buy a
home in the next two years say they will choose a variable rate mortgage, up
three percentage point from last year. Fixed rate mortgages remain the
preferred choice with 51 per cent of respondents saying they plan to lock in
their rate. Thirty-four per cent said they plan to choose a combination of
both fixed and variable.

    
    -------------------------------------------------------------------------
    Regional Differences             Nat    BC    AB SK/MB    ON    QC    AT
    -------------------------------------------------------------------------
    Own A Home                       64%   64%   65%   73%   67%   51%   74%
    -------------------------------------------------------------------------
    Percentage of Homeowners Who
     Have a Mortgage                 62%   62%   62%   47%   63%   66%   57%
    -------------------------------------------------------------------------
    Owners and Renters Very Likely
     to Purchase a Home in the Next
     Two Years                        7%    7%    8%    9%    7%    7%    5%
    -------------------------------------------------------------------------
    Believe Mortgage Rates Will Be
     Higher in One Year's Time       46%   49%   38%   48%   49%   41%   48%
    -------------------------------------------------------------------------
    Believe Housing Prices Will Be
     Higher in One Year's Time       56%   58%   39%   65%   61%   50%   64%
    -------------------------------------------------------------------------
    Homebuyers Likely to choose a
     Fixed Rate Mortgage on their
     new home                        49%   44%   49%   42%   51%   51%   42%
    -------------------------------------------------------------------------
    Homebuyers Planning to Purchase
     a Detached Home                 70%   62%   68%   71%   70%   74%   75%
    -------------------------------------------------------------------------
    Homebuyers Planning to Buy a
     Bigger Home                     52%   41%   57%   57%   46%   63%   50%
    -------------------------------------------------------------------------
    Homebuyers Planning to Buy
     Resale Home                     76%   85%   75%   79%   77%   65%   83%
    -------------------------------------------------------------------------
    Homebuyers Planning to Buy a
     New Home                        24%   15%   25%   21%   23%   35%   17%
    -------------------------------------------------------------------------
    

    These are some of the findings of an RBC poll conducted by Ipsos Reid
between January 17 and 21, 2008. The online survey is based on a randomly
selected representative sample of 3,023 adult Canadians. With a sample of this
size, the results are considered accurate to within +/-1.8 percentage points,
19 times out of 20, of what they would have been had the entire adult Canadian
population been polled. The margin of error for residents of Quebec is +/-3.5
per cent (N=782) and the margin of error for Quebec homeowners is +/-5.0 per
cent (N=379). The margin of error will be larger for other sub-groupings of
the population. These data were statistically weighted to ensure the sample's
regional and age/sex composition reflects that of the actual Canadian
population according to the 2006 Census data.

    For full tabular results, please see the Ipsos Reid website at
www.ipsos.ca.





For further information:

For further information: Raymond Chouinard, RBC, (514) 874-6556; John
Wright, Ipsos Reid, (416) 324-2900


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