http://blBritish Columbians think prices are unreasonable but real estate still a good investment

Big surprise! Residents of British Columbia feel house prices are unreasonable, more so than residents of any other province, according to a survey carried out by the Canadian Association of Accredited Mortgage Professionals.

According to the seventh Annual State of the Residential Mortgage Market, 61 per cent of B.C. residents disagreed with the statement that “house prices in my community are at a reasonable level,” compared with 44 per cent nationwide.

Despite that, 87 per cent of residents of B.C. who were polled believe real estate is a good investment (compared to 84 per cent of Canadians).

Yet some British Columbians (11 Per cent) regretted they took on the size of mortgage they did, compared with seven per cent nationwide.

On the positive side of the balance sheet, B.C. mortgage-holders were more likely to have paid more than the minimum mortgage payments in the past year (36 per cent versus 32 per cent).

And while 46 per cent of those surveyed from across the country agree that Canadians were taking on too much debt, most agree that mortgage debt is good debt.

Another good note, fewer Canadians took equity out of their homes in 2011.