A majority of Canadians are willing to make at least one sacrifice in their lives in order to afford a home amid high prices and rising interest rates, a new report suggests.
, a new report suggests, with most saying they would relocate to a more affordable area.
Remax found Brandon, Man., is currently the most affordable market in the country with an average sale price of $310,252 this year. Regina, St. Johns, Moncton and Red Deer, Alta., round out the top five. The results found that while 64 per cent of respondents would be willing to relocate to find a more affordable home, 50 per cent would not travel more than 100 kilometres from where they currently live. Nearly 40 per cent said they would move to different city, province or region regardless of the distance.Rising interest rates hit home owners and buyers harder
“In a current home, you really build a community. … So it’s difficult to make such a big adjustment . But the fact that 64 per cent are willing to do so tells us that owning real estate is still top of mind for many people.” After predicting in late 2021 that sale prices would increase by 9.2 per cent by the end of this year, Remax is now saying price growth “appears to be easing,” with some markets growing at a slower rate while others will see modest declines., whose latest House Price Survey slashed the company’s national market forecast for 2022 from 15 per cent growth to five per cent.
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