Almost half of first-time homeowners in Canada say it’s now a buyers market, pointing to a pick up in activity in coming months, according to an online survey conducted by RBC.

“That could be an indicator that there is higher home buying activity to come and rates do remain near historical lows,” said Marcia Moffat, RBC vice president of home equity financing Canadian banking, RBC

The property market, which bounced back to record levels in the first half of the year on the back of record low interest rates, has cooled off sharply in recent months. A combination of rising interest rates, the harmonized sales tax in British Columbia and Ontario, and new mortgage regulations all helped take some steam out of the market.

RBC expects prices to rise about eight per cent this year, with gains coming mainly from the first half, before slowing to about 1.4 per cent next year, Chief Economist Craig Wright said.

The poll found 85 per cent of first-time buyers considered buying a home a long-term purchase with only 15 per cent planning to sell in the next two years. As well, 93 per cent plan to buy for their own use and not for investment purposes.