The prospect of an increase in mortgage rates has prompted 51% of Canadians aged 18 to 34 to postpone their home purchase plans. Ninety-nine percent of Canadians in the same age group expect housing costs to continue to rise over the next 12 months, and 62% say they will wait for prices to drop before buying a home.
According to the survey, most Canadians are more concerned about rising prices of goods and services than a possible interest rate hike (81%). Additionally, more than half of millennials (56%) believe that the current economic climate has severely affected their finances, delaying their home-buying ambitions.
Despite the easing of restrictions and workers returning to work, market conditions have forced even more Canadians to move to areas outside major cities to get a better deal (35% in 2022 versus 29% in 2021). inspired to.
Compared to residents of other provinces, more Ontario residents (39%) are considering moving or buying a home outside the city to get more for their money.
This is especially prevalent among young Canadians, with half (49%) considering their city to get more ‘housing’ for their money.