Elina Fairytale
“There has been a big shift in Canadians’ sentiment around the housing market, including an increase in uncertainty around where the market is today,” said Nick Palucci, senior director, Home Equity Financing, RBC. “But spring is typically a busy home buying season and many potential home buyers may be seeing a window of opportunity opening for them.
“We’re seeing many Canadians taking extra time to plan, save and ensure they’re getting into the market when it’s right for them. At the same time, there has been a wave of optimism among buyers who are looking to get into the housing market for the first time.”
Key findings from the poll include:
- 40 per cent of respondents say they expect to pay less now for a home than they would have a year ago. Respondents are also feeling the seller’s market has passed its peak with only 37 per cent saying it’s a seller’s market, compared to 71 per cent in 2022. For others, there is uncertainty. A quarter of respondents (25 per cent) say they are unsure about the type of market we are in and 18 per cent say they don’t know whether now is a great time to buy;
- 75 per cent are worried about the potential of an upcoming recession, which could be one of the reasons why more than a quarter (26 per cent) are thinking about buying a home later due to the possibility of a recession. 31 per cent believe there is only a small window of time to take advantage of lower house prices and 42 per cent say there will be no peak to how high house prices will go once they start rising again;
- 73 per cent of pre-first time home buyers* say buying a house or condo is a good investment and 41 per cent believe the housing market is strong. This compares to only 53 per cent (down from 69 per cent in 2022) and 30 per cent (down from 46 per cent in 2022) of all respondents respectively;
- The majority of pre-first time home buyers are also optimistic about what might be next: 78 per cent say they will be in a better position to buy a home compared to previous years (25 per cent for all respondents); 68 per cent say lower home prices will finally allow them to buy a home despite higher interest rates (19 per cent for all respondents; 65 per cent are optimistic about the housing market over the next year (31 per cent for all respondents); 51 per cent believe homes will be more affordable in the near future (24 per cent for all respondents);
- 53 per cent of respondents are worried their financial position may deteriorate over the next year. This could be contributing to why only 22 per cent would give an immediate family member or their child money for a new home (down from 26 per cent in 2022). 47 per centsaid they would prefer to help family or children save money by letting them live with them rather than helping them financially. But for those willing to provide financial support, they say they would give more than ever ($68,000 compared to $57,918 last year)..
National and Regional Data Tables
Question | National | PFTHB | B.C. | Alberta | SK/MB | Ontario | Quebec | Atlantic |
Agree – Expect to pay less now for a home | 40 % | 61 % | 43 % | 25 % | 34 % | 48 % | 35 % | 36 % |
Seller’s market – Reflects the current housing | 37 % | 41 % | 31 % | 23 % | 34 % | 33 % | 51 % | 47 % |
I don’t know – Reflects the current housing | 25 % | 16 % | 25 % | 33 % | 31 % | 24 % | 20 % | 25 % |
I don’t know – It is currently a great time to buy | 18 % | 12 % | 19 % | 24 % | 21 % | 18 % | 13 % | 20 % |
Worried – About the potential of an upcoming | 75 % | 73 % | 73 % | 83 % | 77 % | 78 % | 66 % | 76 % |
Agree – Thinking about buying a home later | 26 % | 66 % | 29 % | 27 % | 23 % | 26 % | 24 % | 26 % |
Agree – Only have a small window of time to | 31 % | 51 % | 37 % | 31 % | 28 % | 35 % | 23 % | 30 % |
Agree – There is no peak to how high house | 42 % | 55 % | 52 % | 39 % | 34 % | 42 % | 40 % | 40 % |
Buying a home is currently a good investment. | 53 % | 73 % | 66 % | 51 % | 55 % | 57 % | 41 % | 51 % |
Agree – The housing market is strong. | 30 % | 41 % | 34 % | 28 % | 25 % | 28 % | 32 % | 34 % |
Agree – Will be in a better position to buy a | 25 % | 78 % | 28 % | 24 % | 26 % | 26 % | 21 % | 26 % |
Agree – Lower home prices will finally allow | 19 % | 68 % | 21 % | 20 % | 16 % | 20 % | 14 % | 22 % |
Agree – Am optimistic about the housing | 31 % | 65 % | 32 % | 23 % | 29 % | 31 % | 34 % | 33 % |
Agree – Believe homes will become more | 24 % | 51 % | 24 % | 15 % | 20 % | 22 % | 31 % | 31 % |
Agree – Worried my financial position may | 53 % | 49 % | 52 % | 60 % | 55 % | 56 % | 43 % | 55 % |
Agree – Prefer to help family or children save | 47 % | 67 % | 40 % | 49 % | 49 % | 50 % | 43 % | 51 % |
Agree – Currently willing to help an immediate | 22 % | 28 % | 23 % | 20 % | 25 % | 23 % | 18 % | 27 % |
Mean (willing to give more than $0) – If asked, | $68,000 | $56,850 | $87,013 | $73,486 | $16,917 | $72,744 | $56,479 | $73,993 |
*Pre-first time home buyers are Canadians who are looking to buy their first home in the next two years. |
(Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald, covering sports, crime, politics, health, faith, city and breaking news, and business. He works as well as a freelance writer for several national publications and as a consultant in communications and media relations/training. Mario was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)
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