Even in a market defined by uncertainty and rising costs, the idea of owning a home continues to hold strong emotional and financial meaning for most Canadians.

About 67 per cent of Canadians say they have always dreamed of buying a home, up from 62 per cent a year ago, while 32 per cent plan to purchase within the next two years, according to the RBC Spring Home Ownership Poll, released this week. 

Four in five respondents say homeownership is one of life’s biggest financial milestones, and 73 per cent link it to financial independence.

The idea can be all-consuming for many, with 44 per cent saying that whether they can afford to buy a home is “constantly on their mind.”  That sentiment is the highest in British Columbia (54 per cent) and lowest in Atlantic Canada (30 per cent).

“Despite a complex and uncertain market, Canadians still aspire to home ownership and the perception of financial independence that comes with it,” said Janet Boyle, senior vice-president of home equity finance at RBC.

Concerns shape buyers’ mentality

Nearly half of Canadians say there is too much pressure to buy, while 44 per cent say affordability is constantly on their mind, up from 37 per cent last year.

Views on market conditions are also shifting, with Canadians evenly split. Of those surveyed, 33 per cent see a seller’s market, while 27 per cent believe it favours buyers. 

This is a reflection of the mixed market conditions right across the country, as the demand in many less densely populated areas has remained steady, while larger, more expensive metros like Vancouver and Toronto have slowed down. 

In the Prairies, Quebec and Atlantic Canada, nearly half of those polled said it was a seller’s market, while only one in 10 said it was a buyer’s market. In British Columbia and Ontario, the gap is narrower. Close to 40 per cent said it was a buyer’s market in those provinces, compared to about a quarter of people who said they were in sellers’ territory. 

“What’s changed is that many buyers’ mindsets have shifted from the fear of missing out to concern about making the right move at the right time,” Boyle said.

First-time buyers making sacrifices

Among prospective first-time buyers, momentum is building, 62 per cent say they feel closer to owning a home, and 71 per cent have a savings plan, with an average of $110,339 set aside.

But significant hurdles remain for homeowner hopefuls. Nearly two-thirds say they don’t know how much they can afford or what’s required to qualify for a mortgage.

Many are also bracing for trade-offs: 58 per cent say they would do anything to buy a home, 46 per cent expect to live with their parents longer and 64 per cent anticipate needing a side hustle or second job.

Existing owners eye next move

For current homeowners, confidence in real estate remains strong, but many are bracing for a higher mortgage payment at renewal.

Three-quarters say property is a good investment, and a similar share are willing to move to suburban or rural areas for more space. Lower interest rates are also influencing decisions, with 42 per cent considering buying sooner than planned.

At the same time, mortgage renewals are top of mind. Nearly 60 per cent worry about the cost of homeownership.