With the spring season of home buying just starting off, Canadians are going through mixed emotions on the housing market, with some feeling optimistic compared to the previous year, while others are still uncertain amid a looming threat of recession.
According to an that surveyed 2,756 Canadians between Jan. 10 and 23, 40 per cent of respondents say they expect to pay less for a home now in comparison to a year ago.
However, 75 per cent of respondents are concerned over a potential recession, and 26 per cent said they are considering delaying their plans to buy a home because of the uncertainty.
Additionally, there are feelings of overall uncertainty for some Canadians when it comes to understanding and taking advantage of the housing market, with 25 per cent of Canadians polled saying they're unsure about the state of the market we're in and 18 per cent saying they don't know if it's a good time to buy a home now.
Despite this, 31 per cent of Canadians said they may be more likely to act fast , believing there is generally a small window of time to purchase homes at lower prices, and 42 per cent say there is no peak to how high home prices will reach once they begin to rise again.
As for the state of what was once considered a sellers' market, there was a large drop in confidence compared to last year, with only 37 per cent saying it’s better to be a seller than a buyer right now, compared to 71 per cent in 2022.
Amid the uncertainty, there is still optimism, particularly among pre-first-time home buyers, meaning those looking to buy their first home within the next two years.
The poll found 73 per cent of pre-first-time buyers would still consider buying a house or condo a good investment, and 78 per cent said they are currently in a better position to buy a home in comparison to previous years.
Among this group, 65 per cent are optimistic about the housing market over the next year, in comparison to 31 per cent of all respondents. More than 50 per cent of those starting to think about buying also believe homes will become affordable in the near future, in comparison to 24 per cent of all respondents.
The survey found that many Canadians are also concerned about the state of their finances, likely causing them to change the way they help their family members financially.
Only 22 per cent said they would give an immediate family member or their child money for a new home, down from 26 per cent in 2022. Nearly half, 47 per cent, said they would rather help their family or children save up for a home by letting them live with them instead of providing financial support.
However, for those who are willing or able to help a family member financially, they say they would provide more than ever before. On average, these Canadians said they would give $68,000 to a family member in need, up from $57,918 in 2022.
This online survey conducted by the Royal Bank of Canada gathered responses from 2,756 Canadians between Jan. 10 and 23 using Leger's online panel, LEO. Leger's online panel has approximately 400,000 members nationally and has a retention rate of 90 per cent. A margin of error cannot be associated with this non-probability web panel sample, however a probability sample of the same size would yield a margin of error of ± 1.9 per cent, 19 times out of 20, Leger says.
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