Economic uncertainty and rising costs are reshaping how Canadians approach homeownership, according to the latest RBC Home Ownership Poll. While many prospective buyers see a chance to act now, a larger share of Canadians say there is no single ideal moment to buy, reflecting deep divisions about market timing amid inflation, interest-rate concerns and broader economic volatility.
The survey shows that 64% of Canadians believe there is no perfect time to purchase a home. At the same time, nearly half of prospective buyers — those planning to buy within two years — consider current conditions an opportunity. That split highlights the contrast between buyers who feel market conditions are favorable and those responding to uncertainty and elevated costs.
“Rising costs and shifting economic conditions have made every step of the homebuying journey feel higher-stakes, and the pressure of whether to act is weighing on Canadians,” said Janet Boyle, senior vice-president of home equity finance at RBC.
Regional divide on market type
Canadians are divided on whether the housing market favors buyers or sellers. Nationally, 27% view the market as a buyer’s market, while 36% see it as a seller’s market. Opinion varies by province and region, underlining how local conditions shape perceptions.
Quebec and Atlantic Canada stand out as regions where a majority consider it a seller’s market, with 57% and 52% respectively. By contrast, respondents in British Columbia and Ontario — provinces that have seen year-over-year price declines in many areas — are more likely to describe conditions as a buyer’s market, at 39% and 38%.
Among those who plan to buy within two years, 45% say now is the right time to purchase, notably higher than the national average of 27%. Lower home prices and competitive mortgage rates are the most cited reasons for this optimism. Yet uncertainty persists: 53% of prospective buyers expect prices to rise soon, and 49% anticipate interest rates will climb within the year.
First-time buyers are particularly hopeful. Nearly two-thirds say the federal First-Time Home Buyer GST/HST Rebate will help them move sooner, and 52% believe current market conditions finally give them a viable path into ownership.
Economic uncertainty clouds confidence
Despite pockets of optimism, economic uncertainty is undermining many buyers’ confidence. Three-quarters of prospective buyers report that uncertainty makes them more cautious, and 72% name it as the biggest obstacle to purchasing a home. Two-thirds worry uncertainty will force them to change or delay their plans.
This caution creates a confidence gap: among those planning to buy within two years, only 49% feel confident making homebuying decisions today. Slightly more than half, 56%, say they have the information they need to proceed with confidence.
Trade-offs intensify as costs mount
Inflation is eroding savings and increasing the personal cost of preparing to buy a home. Nearly three-quarters of prospective buyers report that rising everyday prices are reducing how much they can save for a down payment.
Financial sacrifices have risen notably since January: the share of prospective buyers delaying major purchases climbed to 69% from 54%, and those postponing vacations rose to 62% from 55%. Sixty percent say they are completely overhauling their spending and saving habits, up from 55% earlier in the year.
More than half of prospective buyers, 53%, are now tapping retirement savings to fund a down payment, an increase from 49% in January. Across all respondents, 78% believe homeownership demands more sacrifices today than it did for previous generations, and three-quarters expect many first-time buyers will experience financial shock.
Homeowners facing mortgage renewal are also feeling uncertain. Only 44% of those renewing within two years feel confident making mortgage decisions, and 18% admit they have not considered how higher rates would affect what they can afford. Still, a majority — 65% — believe their household could absorb a rise in interest rates.