CFC Review: Consumer Intentions to Buy a Home
In the ten major Canadian centres surveyed, six per cent of households intend to buy a primary residence in 2008, down slightly from seven per cent that actually purchased in 2007. The percentage of these households who intend to buy is the highest in Calgary at eight per cent, while the percentage of households who intend to buy was the lowest in Québec at four per cent.
The gap between the proportion of renters and owners intending to purchase a home in 2008 has narrowed compared to intentions reported in 2007. The majority of purchase intenders (53 per cent) are renter households compared to 60 per cent in 2007. In Montreal, close to two-thirds of households intending to purchase a home currently rent, while in Vancouver only 44 per cent of purchase intenders are renter households.
In five of the ten markets surveyed, households were asked more detailed questions regarding their purchasing intentions. Thus, the remainder of purchase intention results cover only the five centres listed: Halifax, Montréal, Toronto, Calgary, and Vancouver.
A larger share of households intend to buy single-detached homes and the majority intend to purchase a larger residence Among households who intend to buy a home in 2008, the largest share plan to buy a single-detached home (55 per cent). Also, a majority of intenders (67 per cent) plan to buy an existing home.
Just over a quarter of households who intend to purchase a home plan to purchase a condominium unit. Of those who intend to purchase a condominium, the majority are between the ages of 18 and 24 years. Vancouver has the largest proportion of condominium purchase intenders at 41 per cent this year.
The majority of households who intend to purchase a home plan to purchase a larger home (57 per cent) compared to their current residence, 20 per cent of households intend to purchase a smaller home, and 20 per cent intend to purchase a similar sized home compared to their current residence.