2024 might just be the year that many Canadians buy a home — nearly one in five to be precise — as a recent survey on Canadians’ homebuying plans from Wahi finds.
The survey also notes that those under 35 have the strongest intentions and that many plan to sacrifice things in their lives to make their homeownership dream happen. For example, this could mean spending less money, working more hours or starting a gig on the side of their day job.
“As the results of our survey suggest, many Canadians are planning to purchase a home this year — particularly in some of the country’s more affordable markets — and they’re also willing to make lifestyle and work changes to realize their dreams,” says Benjy Katchen, Wahi CEO.
Here are some of the survey’s main findings.
Different homebuying intentions by region
In terms of where the majority of hopeful 2024 buyers come from, Alberta has the highest proportion, at 25 per cent. Ontario and British Columbia, with the country’s highest home prices, followed at 19 per cent and 21 per cent, respectively, of respondents who might buy this year.
The lowest share of potential homebuyers (11 per cent) are located in Atlantic Canada. This region is also home to the highest share (58 per cent) of existing homeowners who say they own a home and are not looking to buy in 2024.
Younger Canadians keen to get into the market
Although high home prices and interest rates exist, 24 per cent of Canadians aged 18-34 say they might, or probably will, buy a home this year.
Those aged 35-54 came in at 22 per cent, and those 55 and older at 11 per cent, with the national average being 18 per cent for all age groups.
Canadians will work more and spend less to buy a home
About 45 per cent of potential homebuyers are cutting back their spending to save enough for a home purchase this year, with those aged 18-34 most likely to do so (59 per cent). This was the most common sacrifice chosen, with others planning to work longer hours (21 per cent) or take on a side gig (8 per cent).
As well, 19 per cent of those aged 18-34 plan to share costs by purchasing with a partner or family member.
Potential homebuyers patiently waiting
The main potential challenges for Canadians who say they might or will probably buy a home this year are that they want to see what happens with home prices and interest rates (49 per cent and 48 per cent, respectively).
28 per cent of these respondents are unsure whether they have enough savings — particularly those in B.C. (36 per cent), Atlantic Canada (34 per cent) and Ontario (29 per cent).
Read the full survey here.
