A substantial portion of Canadians who want to own a home still doubt they can make it happen. A new consumer sentiment report from personal finance company NerdWallet Canada, based on an Angus Reid survey of 1,501 Canadians, shows many prospective buyers expect to remain renters or continue living with relatives despite plans to buy within the next year.
The survey found that more than one-third of non-homeowners plan to try to purchase a home within the next 12 months but nonetheless expect they will not be able to do so. At the same time, 55 per cent of respondents said they have no plans to buy a home at all. These results point to affordability constraints as the main reason many Canadians see homeownership as out of reach.
High expenses remain top barrier
Affordability dominates the list of obstacles. Nearly one-quarter of Canadians surveyed — 23 per cent — said that high or unpredictable living costs prevent them from moving in the next 12 months. Trouble saving a down payment was the next biggest barrier at 18 per cent, followed by other financial priorities at 17 per cent. Waiting for home prices to fall (16 per cent) and for mortgage rates to come down (15 per cent) were also commonly cited.
By contrast, concerns more directly tied to the broader economic picture ranked lower. Only 11 per cent pointed to fears of a recession, 8 per cent cited worries about job security, and 6 per cent singled out uncertainty related to trade issues with the United States. Overall, the results suggest that day-to-day affordability — the ability to cover rent, bills and save for a down payment — is a more immediate barrier than macroeconomic or geopolitical anxieties for many Canadians considering homeownership.
Canadians say they’re skeptical about the future
Negative sentiment about the housing market is widespread. An overwhelming 88 per cent of respondents said they believe homes are overpriced, and 69 per cent said the market is unfair to first-time buyers. A similar share, 68 per cent, agreed that the market is too focused on housing as an investment, rather than primarily serving as shelter.
Perceptions differ by age. Among adults aged 18 to 34, 63 per cent said that homeownership feels out of reach; that compares with 31 per cent among those aged 55 and older. Only 14 per cent of all respondents felt the housing market is functioning as it should. These attitudes underscore long-standing concerns about affordability and access for younger cohorts trying to enter the market.
Mixed views of real estate agents
Canadians expressed a range of opinions about the value real estate agents bring to the home-buying process. Eighteen per cent said agents provide a lot of value, while 41 per cent said agents provide some value. Another 28 per cent felt agents offer limited value, and 6 per cent said they provide no value at all. This mixed assessment suggests consumers see benefits in professional help but also question whether the service justifies its cost for all buyers.
Homeownership comes with challenges
Owning a home also carries regrets for a notable share of Canadians. The survey found that 42 per cent of homeowners reported experiencing some form of regret related to homeownership. The most frequently cited regrets were maintenance demands that proved larger than expected (16 per cent) and rising non-mortgage housing costs, such as utilities and property taxes (13 per cent). A smaller number of homeowners pointed to mortgage renewals, declining property values or concerns about having overpaid for their home as sources of regret.
Taken together, the findings paint a picture of a market where many would-be buyers are constrained by day-to-day affordability and savings challenges, while current homeowners confront ongoing cost pressures and unexpected upkeep. For policymakers, lenders and housing professionals, the survey highlights the continued importance of addressing down payment challenges, housing costs and realistic financing options to improve access for first-time buyers and ease the financial burdens of ownership.