Canadians are increasingly committed to homeownership this year, more so than in 2024, a recent survey by Wahi reveals.

“The message from many Canadians is clear—they’re going to do what it takes to step onto the property ladder,” said Wahi CEO Benjy Katchen in a press release. “While lower interest rates and new mortgage rules have improved housing affordability somewhat, many Canadian homebuyers are taking a more proactive approach.”

 

Key findings

 

Results from the second-annual Homebuyer Intentions Survey of Angus Reid Forum members show almost 17 per cent of Canadians say they will probably buy a home this year. Millennials took the lead with 23 per cent, followed by Gen Z (20 per cent), Gen X (18 per cent) and baby boomers (10 per cent).

Canadians are spending less, with 52 per cent of prospective buyers planning to cut back, a 7.0 per cent increase from 2024.

As well, 31 per cent of respondents intend to change their investment strategies, from 21 per cent the prior year. 30 per cent of respondents will work longer hours, whereas 21 per cent indicated so in 2024, while 10 per cent would consider gig work or side jobs, up from 8.0 per cent the previous year.

 

 

How first-time vs non-first-time homebuyers compare

 

The survey found first-time homebuyers were more flexible with making concessions to afford a home than experienced homebuyers: 59 per cent were willing to reduce spending compared to 47 per cent of non-first-time homebuyers, while 37 per cent would change their investments compared to 27 per cent of non-first-time homebuyers.

37 per cent of first-time buyers were open to working longer hours to buy a home, while 24 per cent of non-first-time buyers said the same.

 

Willingness to relocate

 

The survey found that 73 per cent of all prospective buyers would consider different neighbourhoods, 57 per cent would consider a different style or type of home and 55 per cent were comfortable living farther from amenities like schools and stores.