A house is more than a home.
There has been a long-held belief in this country that owning a home is something of a rite of passage: transitioning to a new stage in life as well as a financial milestone.
Well, that attitude is holding strong, despite all the challenges facing prospective home owners these days.
The Royal Bank’s spring home ownership poll shows the number of people dreaming of buying a residential property is actually rising – up from 62-percent last year to 67-percent this year.
80-percent see buying a home as one of life’s biggest financial milestones with three-quarters considering the move a sign of financial independence.
For those looking at a first-time purchase though, there is a psychological shift going on today: from fear of missing out on buying a house to a fear of buying at the wrong time. But they have been actively preparing to pull the trigger. Three-quarters have saved more than $100,000 for a downpayment.
They are also more willing to relocate to a rural or smaller community in search of a more affordable property.
