Younger Canadians have put their home-buying plans on hold due to rising inflation, cost of living: survey
The survey, commissioned by Royal LePage and conducted by Leger, asked 1,565 participants if “the increased cost of living, including higher interest rates and inflation,” caused them to “postpone or deprioritize the purchase of a home since the beginning of 2022.”
The bank of Canada has increased its target for the overnight lending rate from 0.25 per cent to 3.25 percent so far this year, significantly inflating the cost of borrowing. "Typically, you see housing start to weaken as you head into a recession," Doyle said. "We're certainly seeing ample signs of that."Nineteen per cent of all survey respondents answered ‘yes’ to the survey question, however more than half of all respondents said that they had no plans to purchase a home since the beginning of the year.
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