“Canada’s housing market remained under pressure heading into the spring, with sales and prices both weakening further,” said Robert Kavcic, senior economist, BMO Capital Markets. “There is some clear underlying weakness as inventory builds and investors remain absent. Suffice it to say, homebuyers are losing confidence and motivation, especially in areas of B.C. and Southern Ontario.”
More than half of respondents feel that they may have missed their opportunity to buy a home, rising to 66% among millennials. Across the generations, two thirds are less confident that they will ever own their own home in their lifetime than they were five years ago.
Among those who have managed to buy, 43% say they could not have purchased their home without assistance from family.
On a brighter note, the survey found that 70% of Canadians feel confident in their financial situation, but fear of unknown expenses (82%), concerns about their overall financial situation (81%) and housing costs (72%) are among the leading sources of financial anxiety.
A separate survey from CPA Canada and BDO Debt Solutions found that saving for a down payment to buy a home is the biggest barrier to homeownership for one in three people right now.
