Despite highly-competitive interest rates, Canadians are backing away from the real estate market. And it's no wonder. Consumers are bombarded with contradictory economic reports about the fragility of the housing market in the U.S., the blistering-hot Canadian real estate bubble -- is it even a bubble? -- and varying interest rates that seem to change on a dime according to the whims of the big-six Canadian banks.
These conflicting messages are playing out in housing market sentiment, suggests an annual Royal Bank of Canada survey.
According to the "19th Annual RBC Homeownership Poll", an increasing majority of Canadians believe that now is the time to get into the housing market (59 per cent, up four percentage points from last year), instead of waiting until next year (41 per cent).
And yet, more Canadians say they are unlikely to buy within the next two years (73 per cent, up two percentage points), even as confidence in homeownership is on the rise.
"What we're seeing here isRead More »from Canadians confused over real estate market