Nearly two-thirds (62 per cent) of Canadian home owners are reluctant to sell their properties because of the prevailing climate of elevated home prices that would make it more difficult for them to get their next houses, according to the results of the latest poll conducted by CIBC
This is despite the same poll finding that around two in five Canadian home owners (41 per cent) are contemplating on making generous profits by selling their homes in the current market condition.
The survey also found that a little over half (54 per cent) of the survey respondents indicated that they believe that home prices will grow further, with 40 per cent expecting that prices will decline within the next 5 years.
Meanwhile, 48 per cent of those planning to sell expressed concerns that prices might drop due to government interventions via taxes and policy changes, while 28 per cent stated that renting remains the “better option” amid the feverish market conditions.
“In today's market, homeowners are facing a conundrum as to whether to buy, sell or stay put,” CIBC Imperial Service vice president David Nicholson said.
“Buying or selling your home is one of the biggest decisions you'll make. That's why it's important to make the decision for the right personal and financial reasons and see past the noise in the marketplace,” Nicholson added.
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