The only year housing affordability was worse was 1990
Could buyer fatigue be setting in at last amidst Canada’s seemingly unsinkable housing market?According to the survey, Canadians are less likely to buy a home now than they were at the height of the pandemic.
Twice as many Canadians are putting their plans to buy a home on hold. Of those surveyed in 2022, 43% said they were shelving plans, compared with 33% in 2021 and 20% in 2020.More than half of Canadians aged 18-34 say the current economic environment has hurt their finances, causing them to delay home ownership. Ninety per cent believe that home prices will keep going up over the next 12 months and 62% are waiting for them to come down before they buy a house.
“While income gains will provide a partial offset, it’s entirely possible RBC’s measure could spike to all-time highs in the year ahead. A shock of this magnitude would severely stress homebuyers and exert significant downward pressure on demand,” he wrote.
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