B.C.'s housing market appears to be cooling, according to a new RBC study.
RBC's annual home ownership survey found that only a quarter of B.C. residents are likely to buy a home over the next two years. That's down from last year's survey results, which found that a third of residents were planning on buying a home over the next two years.
In addition, fewer respondents planned to buy a house in the immediate future. Only 47% said they'd "buy now" versus 59% of respondents last year.
The main reason for potential home-buyers to delay their home purchases: high housing prices coupled with unstable economic conditions.
Despite economic fears, respondents still felt buying a home was a relatively safe investment. Of those planning on buying a home this year, 85% said they'd likely buy a resold home; 62% said they'd prefer a detached home.
And despite falling interest rates, 49% said they expect mortgage rates to rise this year.