Will Canada's younger generations ever be able to afford homes of their own? Royal_LePage | realestate realestatenews housingmarket cdnpoli
Conducted by Royal LePage and Leger, it found that nearly one third of Canadians aged 18-34 have delayed their home-buying plans since the start of the year. When not broken down by age of respondents, one in five Canadians reported that the current climate has influenced their decision to delay or deprioritize the purchase of a home.Last month, the Bank of Canada increased its overnight lending rate for the fifth time this year.
“A large portion of homebuyers have moved to the sidelines since the cost of borrowing began its rapid increase in March. Everyday expenses have gone up, and compared to periods of pandemic lockdown, Canadians are saving less and spending more money on services today, including travel and entertainment,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd.
Of those who have delayed the purchase of a home, 40% say they still plan to buy… just at a later date. Meanwhile, 60% say they have put their home buying plans on hold indefinitely. “In the most expensive markets in the country — Toronto and Vancouver and the surrounding areas — part of the sidelined demand is putting increased pressure on the rental market,” says Yolevski. “However, many of those buyers are expected to return to the market once interest rates stabilize and buyer confidence is regained.”
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