Royal LePage Survey Results "Strong Current Market Conditions Are Sustainable"
The Royal LePage Real Estate Advisor Survey of more than 1,100 Royal LePage agents and brokers across Canada showed that 61 per cent believe the housing market's current strength is sustainable.
Affordable mortgage financing stood out as a factor driving the market as more than 64 per cent cited the low interest rate environment as the most important single factor attracting home buyers. For the Royal LePage brokers and agents who do not believe the current strength of the market is sustainable, an expectation that interest rates will rise was cited as their number one reason (36 per cent)."The Governor of the Bank of Canada made an early year commitment to Canadians that the central bank would stand by its low interest rate policy into 2010. This principled stance has been received very positively by prospective homeowners who have felt confident in making the substantial investment that home ownership represents. Together with numerous positive economic indicators seen over the course of the summer, we believe that the current health of the real estate market is sustainable," said Phil Soper, chief executive of Royal LePage Real Estate Services Ltd.
Results
Do you think the housing market's recent performance is sustainable?
(1,153 responses in total)
Yes: 707 responses (61 per cent)
No: 320 responses (28 per cent)
Don't know: 126 responses (11 per cent)
What factors do buyers think have contributed to the housing market's recent performance?
Ranked by first choice
(1,062 responses in total)
Low interest rates: 701 responses (66 per cent)
Belief that the economy is strengthening: 97 responses (9 per cent)
Release of pent-up demand: 71 responses (7 per cent)
Not wanting to miss the rally in home prices: 62 responses
(6 per cent)
Perception of long-term job stability: 43 responses (4 per cent)
Positive media coverage: 34 responses (3 per cent)
Government incentives: 21 responses (2 per cent)
Other: 33 responses (3 per cent)
More information can be found at www.royallepage.ca
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