SOURCE: Scotiabank

Scotiabank

April 04, 2016 10:28 ET

Moving Day Is the Ideal Time for Quebec Residents to Go From Renter to Home Owner

Scotiabank Poll Shows That Nearly Half (47%) of Renters in Quebec Say They Would Consider Buying a Home If Their Mortgage Payments Were Lesser or Equal to Their Rental Payments

MONTREAL, QC--(Marketwired - April 04, 2016) - A recent poll conducted by Scotiabank revealed that information about mortgage payment options may influence residents of Quebec to consider purchasing a home. Almost half (47%) of renters in Quebec say they would consider buying a home if their mortgage payments were lesser than or equal to their rental payments, yet only one-in-five renters (22%) has previously spoken to an advisor about their mortgage options.

"Buying a home is likely the largest purchase that many of us will make in our lifetime and with Quebec Moving Day around the corner, now is the perfect time to consider your mortgage options," said Vincent Déziel, Indirect Mortgage Channel Manager at Scotiabank. "While not all Quebec residents may be in the market to purchase a home this year, we encourage all potential homeowners to meet with one of our seasoned Scotiabank advisors to receive tailored advice to help build a financial plan that takes into account all of your future financial goals, including buying a home."

In an effort to understand why the population of renters in Quebec (35%) chooses to rent, the survey asked respondents just this, and found that more than half (52%) are renting because they are unsure if they would qualify for a mortgage. In addition, two-in-five renters (39%) are interested in learning more about their mortgage options.

"As a home enthusiast, renovation and décor expert, I know, first-hand, the importance of personalized advice and understanding your options before making a big decision, like purchasing a new home or embarking on a large renovation," said Manon LeBlanc, Producer and Designer. "I work with all my clients to plan their full project, including budget, before we get started, and the first step before renovating or decorating a new home is making the home purchase." 

In the poll conducted by Scotiabank, Quebec residents cited savings, down payments and affordability as the key barriers to owning a home. This was especially true for younger people age 18-34 who are more likely to rent their home (46%). Nearly half of the respondents (47%) who are renting say that they do so because they fear they do not have enough savings to purchase a home. Those living on Montreal's Island (31%) and in other cities in Quebec (30%) are significantly more likely to believe they do not have enough savings to buy their home.

If you are thinking about buying a home, Scotiabank can offer tailored solutions to overcome these barriers.

Additional survey results include:

  • Almost half (48%) of the residents of Quebec reside in the Montreal area. Of this, the split is close to even with (22%) residing in Montreal's Island and (26%) on the North/South Shore.
  • Renting is higher in Quebec among those who are 18-34 (46%) and who live in Montreal's Island (52%).
  • About 1 in 5 respondents say that they rent because they don't feel ready to own (19%), or to avoid being tied down with a mortgage (17%), or to avoid taking on too much responsibility (17%).
  • Quebec residents with children in the household are significantly more likely to say they are renting because they do not have enough money to purchase a home (58%) than those without children (44%).

For more information about tailored mortgage advice from a Scotiabank advisor and to to ensure you get the mortgage that's right for you, visit www.scotiabank.com/homeownership.

About the Survey:
The Scotiabank Spring Lending Poll was conducted by Nielsen Consumer Insights on behalf of Scotiabank. A total of 1048 online interviews were conducted in Quebec, n=500 in Montreal and n= 500 in the rest of province. All respondents were 18+ years of age. The research was conducted from March 16 to 21, 2016. Results were weighted back to the actual proportions of the Quebec population.

About Scotiabank:
Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. We are dedicated to helping our 23 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 89,000 employees and assets of $920 billion (as at January 31, 2016), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank's media releases using Marketwired. For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.

Contact Information