By Sammy Hudes
The info from Royal LePage’s newest first-time homebuyers survey, carried out by Burson, confirmed 13% of Canadian adults are actively working towards buying a house inside the subsequent two years, however only a small proportion of that group plans to purchase within the subsequent 12 months.
Round 82% of them mentioned they plan to make a purchase order in 12 to 24 months.
Royal LePage president and CEO Phil Soper mentioned first-time patrons wish to enter the market with as a lot certainty as doable.
“Rates of interest are trending decrease and costs have stabilized and even softened in some markets, creating beneficial circumstances for long-awaited entry into residence possession, particularly in pricey cities like Toronto and Vancouver,” Soper mentioned in a information launch Thursday.
“But, hesitation stays. For some, ongoing financial uncertainty, significantly surrounding commerce relations with the USA, is prompting them to carry off till there are indicators of stability.”
He added that others are selecting to attend “in hopes of securing a greater deal.”
“With the potential for additional price cuts from the Financial institution of Canada this 12 months, these in no rush to buy now are taking a methodical strategy — increase their financial savings and intentionally planning their entry into the market after they really feel the timing is greatest for them,” he mentioned.
Final week, the Financial institution of Canada reduce its benchmark rate of interest by 1 / 4 level to 2.5%, breaking a streak of three consecutive holds since March.
When requested what stage of the buying course of they’re in, round half of respondents to the Royal LePage survey mentioned they’re researching neighbourhoods the place they will afford to stay or actively looking on-line listings.
Slightly below one-fifth indicated they’re both viewing properties listed on the market in particular person or have been working with an actual property agent.
So as to afford their first residence, 60% of patrons mentioned they’re looking in additional reasonably priced areas, 40% are trying to find properties which might be smaller than they initially deliberate and 39% are chopping again on discretionary spending to save cash.
Simply over half of respondents mentioned they’d not obtain any monetary help towards the acquisition of their first residence, whereas 41% mentioned they’d.
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affordability Financial institution of Canada first-time homebuyers homebuying developments Phil Soper Royal LePage sammy hudes survey The Canadian Press
Final modified: September 25, 2025
