Two-thirds of Canadians say there’s no such thing as the perfect time to buy a house: poll

\Economic uncertainty and rising costs are reshaping how prospective buyers approach the market, according to RBC’s latest Home Ownership Poll.

The survey found 64 per cent of Canadians believe there is no ideal moment to purchase, even as nearly half of prospective buyers — those planning to buy within two years — view current conditions as an opportunity. The contradiction reveals a market split between those seeing a window to act and those dealing with uncertainty over inflation, interest rates and economic volatility.

“Rising costs and shifting economic conditions have made every step of the homebuying journey feel higher-stakes, and the pressure of whether to act is weighing on Canadians,”said Janet Boyle, senior vice-president of home equity finance at RBC.

Regional divide on market type

Canadians lack consensus on whether it’s a buyer’s or seller’s market. Nationally, 27 per cent see a buyer’s market while 36 per cent see a seller’s market. Understandably, the breakdown varies by region.

Quebec and Atlantic Canada stand out as outliers, with 57 per cent and 52 per cent of respondents respectively calling it a seller’s market. Respondents from British Columbia and Ontario, where home prices are down year-over-year, are most likely to see a buyer’s market, at 39 per cent and 38 per cent.

Among prospective buyers, 45 per cent say now is the right time to purchase, compared with 27 per cent across all respondents. Lower home prices and interest rates are the top reasons cited. But 53 per cent of prospective buyers believe prices will rise soon, while 49 per cent expect interest rates to climb this year.

First-time home buyers show particular optimism. Nearly two-thirds say the federal First-Time Home Buyer GST/HST Rebate will help them buy sooner, and 52 per cent believe current conditions are finally giving them a chance to enter the market.

Economic uncertainty clouds confidence

Even with a perceived window of opportunity, economic uncertainty is weighing heavily on prospective buyers’ decisions. Three-quarters say uncertainty is making them more cautious, and 72 per cent call it the biggest challenge to buying. Two-thirds worry it will affect their homebuying plans.

The result is a confidence gap. Among those planning to buy within two years, 49 per cent feel confident making homebuying decisions in today’s market. Only 56 per cent say they have the information they need.

Trade-offs intensify as costs mount

Inflation is undercutting savings before prospective buyers even reach the market. Nearly three-quarters of those intending to buy within two years say rising prices are causing them to save less for a home.

The financial sacrifices required have surged since January. Among prospective buyers, those delaying major purchases rose to 69 per cent from 54 per cent, while those postponing vacations climbed to 62 per cent from 55 per cent. Sixty per cent now say they are completely overhauling their spending and saving habits, up from 55 per cent.

More than half, 53 per cent, are tapping retirement savings to fund a down payment — up from 49 per cent in January.

Across all respondents, 78 per cent believe home ownership requires more sacrifices today than for previous generations. Three-quarters say most first-time buyers will experience financial shock.

For homeowners approaching mortgage renewal, confidence is equally fragile. Just 44 per cent of those renewing within two years feel confident making mortgage decisions, and 18 per cent admit they haven’t considered what they could afford if rates rise. Still, 65 per cent believe their household could absorb a rate increase.

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