While the thought of buying a home is scary for some, Canadians are becoming increasingly confident as property owners. A recent RBC study showed that 91% of homeowners see their homes as a good investment, with the number of citizens likely to purchase property over the next two years rising from 7% to 10%.
Surprisingly, individuals aged 18 to 24 will be leading the trend, with a 7% increase in those likely to buy. A quarter of study participants expect their homes to supplement their income when they retire.
Low mortgage rates and improved affordability have been cited as the main reasons for the renewed faith in home ownership. Advisers also point to the fact that rates may increase later this year, making now the time to buy.