When it comes to real estate, single Canadians are staying on the sidelines and it has nothing to do with their debt.
According to a new RE/MAX survey conducted by Leger, almost half of single Canadian respondents say they have less than $5,000 in debt. As a group, they seem to buck the trend of high debt among Canadians.
And yet, only 26 per cent are considering purchasing a home on their own. Singles in Atlantic Canada are most interested in buying real estate (34 per cent).
At 81 per cent, most say they can afford it and 35 per cent say they have enough savings to make a down payment. But for more than half of respondents, the decision not to buy a home is based on economic uncertainty and high prices.
“It’s concerning to see qualified buyers showing hesitancy toward home ownership. Price and economic factors aside, the additional unnecessary layers of government intervention have left many feeling pushed out of the market, or uncertain of it,” says Christopher Alexander, executive vice president of RE/MAX of Ontario-Atlantic Canada, in a news release.
Alexander says real estate is still a good investment despite the concerns. Respondents agree (38 per cent), especially in urban areas (51 per cent).
For those single buyers that are planning to buy, single-detached homes are preferred. Men are twice as likely to buy a home on their own. Singles living in urban areas are more hesitant to buy compared to their suburban counterparts because of higher prices.