More Edmontonians intend to buy or renovate homes than residents of other cities, according to a new survey.
Almost 470,000 households, an average 11 per cent of all households in Halifax, Montreal, Toronto, Edmonton and Vancouver, are in the market to buy a home over the next 12 months, according to the Consumers Intentions to Buy or Renovate a Home report from Canada Mortgage and Housing Corporation (CMHC).
More than 20,700 households in the five major centres were interviewed for this major research survey.
“Intentions to purchase a home were found to be strongest in Edmonton and Toronto, where 12 per cent of households will be in the market,” said Claude Lapointe, senior economist at CMHC. “More than one in 10 households in Vancouver intend to purchase a home in the next 12 months, while intentions are slightly lower in Halifax (nine per cent) and in Montreal (eight per cent).
“Compared with the 2000 survey, intentions to purchase a home remained relatively stable in the four centres that were covered by the survey in both years (Edmonton was not included last year),” said Lapointe.
“The residential market is resisting a slowing economy as favourable mortgage rates help maintain intentions to buy at last year's levels.”
The report also suggested that home renovations will be strong next year. Thirty seven per cent of homeowners in the five major urban centres indicated that they intend to spend at least $1,000 on renovating their homes.
Renovation activity will be strong in all markets, as up to 1.6 million owners intend to renovate nationally in 2002.
Halifax and Edmonton will see the most activity with 47 per cent and 42 per cent respectively of owners intending to renovate their homes.
Intentions to renovate also are high in Toronto (39 per cent) and Vancouver (36 per cent). Although slightly lower than other centres, intentions to renovate remain strong in Montreal at 33 per cent.
