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988-9571

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983-4226

DAVID LITKE

‘BIRDS & BEES, FLOWERS & TREES.
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PETER:
MCCOMBER
985-0394

TOP OF THE
VALLEY

HOME OWNERSHIP is
more affordable today than
many Canadians currently
believe, according ta a new
Royal Bank/Environics sur-
vey. The survey, conducted
for Royal Bank by Environics
Research Group in March,
finds that the average
Canadian over-estimates by
as much as $500 per month
the cost of carrying a
$100,000 mortgage. For
example, during the survey
period in March, the actual
cost (principal and interest)
of borrowing $100,000 for a
mortgage amortized over 25
years, ranged between
$700.42 and $747.32 per
month (based on rates for a
two-year term which fluctuat-
ed between 7 and 7.75%).
However, on average,
Canadians who responded to
the question estimated the

‘cost to be $1,212 per month

— $450 to $500 or about 60
to 70% higher than the actual
cost at the.time of the survey.
This over-estimation of
monthly mortgage costs is
one of several key findings in
the Royal Bank/Environics
home ownership attitude sur-
vey released today. Other
highlights include:
51% of Canadians indi-

cate they know little or noth- -

ing about mortgages: .

The lack of funds for a
down payment and job inse-
curity are seen as the biggest
obstacles to buying a-home;
f@ 68% of Canadians expect
mortgage | tates to be higher in
two years’ time;

@ Three-quarters (76%) of

Friday, May 13, 1994 - North Shore News - 83

Homes more affordable
than Canadians believe

Canadians think parental help
is necessary for the average
young person to buy a home
taday. This jumps to 91% in
both Vancouver and Toronto;
BY 15% say they intend to
buy a home in the next two
years, and 25% intend to ren-
ovate the one they have.
“This survey confirms that
many people don’t realize
how affordable owning a
home can be compared to the
cost of renting,” said Harry
Bensler, Royal Bank’s Area
Manager for the North Shore.
“The reality today is that
interest rates are reasonable,
mortgage options and terms
are flexible, and down pay-
ments can be as low as 5% of
the purchase price for an
insured mortgage.”
According to the survey,
36% of respondents mention
lack of money for a down
payment as the single biggest
obstacle Preventing people

‘from buying homes, while

26% believe it is job insecuri-
ty and 18% the cost of hous-
ing. No other single factor is
meritioned by, more than one
in 10 Canadians.

Going into greater detail,
the survey shows that women
are more likely than men to
believe that lack of money

for a down payment is the .

biggest obstacle (41% of
women versus 30% of men),
while men are more likely to
mention job insecurity (28%
versus 23% for women).
Unlike other Canadians,

Vancouver residents mention’

the cost of housing more than
any other factor. Job insecuri-

ty is mentioned by only one
in ten people living in
Vancouver. Mortgage interest
rates uss, mentioned by only
5% of uth men and women
respondents as the biggest
single obstacle. The survey
shows that more than one-
half (51%) of all Canadians
and more than one-third (or
37 per cent) of those intend-
ing to- buy a home feel they
are not very or not at all
knowledgeable about mort-
gages. Another four in ten

_feel they are fairly knowl-

edgeable and less than 8%
feel they are very knowledge-
able. “Consumer demand has
increased the range of rates,
options and repayment terms
in. order to..make -the
Canadian dream of owning a
home more affordable,”
Bensler explained.
“Unfortunately, many people
may not know enough about
these mortgage features to
understand that this: ‘dream is
within their grasp.”

The Royal Bank/Enviro-
nics Research Group survey
results were derived from
2,020 interviews carried ‘out
in the homes of respondents
across the country between
March 5 and March 27, 1994.
The margin of error is esti-
mated to be within 2. 2%, 19
times out of 20. -°”

For: information, «: call...

Harry Bensler, North Shore
Area Manager, (981-7801);
Bonnie Cornell, Manager,

’ Public Affairs, (665-4031) or

Michael Adams, President,
Environics, Toronto (416)
964-1397 © :

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