{"id":19663,"date":"2022-04-06T11:11:00","date_gmt":"2022-04-06T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19663"},"modified":"2022-03-22T09:29:38","modified_gmt":"2022-03-22T16:29:38","slug":"high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/04\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\/","title":{"rendered":"High Property Prices Impact Homebuying Decisions &#038; Struggle to Cover The Costs of Home Ownership"},"content":{"rendered":"<p style=\"text-align: justify;\">For the last two years, the COVID-19 pandemic has had an unprecedented impact on Canada\u2019s housing market, especially when it comes to buyer preferences.<\/p>\n<p style=\"text-align: justify;\">As Canadians were mandated to work and school from home amid multiple lockdowns and stay-at-home orders, buyers went looking for bigger homes that could offer more space, privacy and comfort for their household. Functionality and larger living spaces became a priority for home shoppers, some of whom moved to other parts of the country to take advantage of lower prices in less built-up communities.<\/p>\n<p style=\"text-align: justify;\">Now, as restrictions continue to be lifted and life slowly falls back into pre-pandemic routines, the sentiments of property purchasers are also changing again.<\/p>\n<p style=\"text-align: justify;\">Results released by an annual RBC Home Ownership Poll show that homebuying attitudes are shifting as Canadians move in a post-pandemic mindset. The online survey was carried out with 2,753 Canadians between mid- to late-January.<\/p>\n<p style=\"text-align: justify;\">The intent to buy a home has now returned to January 2020 levels, with 23% of respondents saying they are likely to purchase a home in the next two years. This is a drop compared to 30% in 2021, but slightly higher than 2020 at 22%. Alberta buyers expressed the most intention to purchase within a two-year timeline at 28% followed by Ontario at 25%.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile there is still a significant amount of activity in the market, our research indicates that the rush of Canadians looking to purchase a home over the last two years has subsided and we\u2019re now starting to see a move back to pre-pandemic levels,\u201d said Andrea Metrick, senior director of home equity financing, acquisition and distribution at RBC, in the poll\u2019s results.<\/p>\n<p style=\"text-align: justify;\">\u201cBetween rising costs and the competitiveness of the market, Canadians may now be taking a step back and setting aside more time to plan and save before making the jump into home ownership,\u201d she added.<\/p>\n<p style=\"text-align: justify;\"><strong>High property prices impact purchasing decisions<\/strong><\/p>\n<p style=\"text-align: justify;\">A home\u2019s location versus its size is a crucial factor in buyer decision making, but rising property prices are also playing an important role.<\/p>\n<p style=\"text-align: justify;\">According to RBC\u2019s poll, three-in-five respondents (59%) stated that location is more important than buying a larger home as we return to normal, which may suggest that the need for more living space is becoming a lesser priority. Those respondents in Alberta, British Columbia and Ontario agreed with this sentiment the most, ranging between 62% and 61%.<\/p>\n<p style=\"text-align: justify;\">25% of those surveyed said that they are willing to be further away from amenities to afford a larger home, while for those who rent, 27% of respondents stated that they feel less pressure to buy than during the peak of the COVID-19 pandemic.<\/p>\n<p style=\"text-align: justify;\">However, for those who believe higher real estate prices have impacted major life milestones, 47% said that thinking about buying or saving for a home as prices grow is causing stress in their relationship. More than half of respondents (54%) agreed that they are stressed knowing that they may need to purchase a home farther away from family and friends, and another 30% felt that as a result of increasing prices, they may need to live with their parents longer to save enough funds to buy a property.<\/p>\n<p style=\"text-align: justify;\">Financial worries are having an impact on many prospective buyers. Forty per cent of those surveyed said that they are feeling financially overwhelmed, and 42% are worried that their financial position may deteriorate over the next year. In preparation for a home purchase, 37% of the poll\u2019s respondents said that they plan to continue to spend less post-pandemic so they can put savings towards buying a home. Meanwhile, 33% believe they will struggle to cover the costs of homeownership as they return to pre-pandemic spending habits.<\/p>\n<p style=\"text-align: justify;\">\u201cBuying a home is the largest purchase most Canadians will ever make, so it\u2019s natural that it comes with a certain level of stress, especially in today\u2019s market,\u201d said Metrick. \u201cWhile home buyers can\u2019t control market factors, taking the time to create a plan and understand where they are financially can help them feel more in control of the home buying process.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Buyers are saving and budgeting more for homes<\/strong><\/p>\n<p style=\"text-align: justify;\">COVID-19 buyers were able to take advantage of some of the lowest mortgage rates in history. Now, as rates rise again, existing owners and potential buyers may feel the pinch.<\/p>\n<p style=\"text-align: justify;\">60% of respondents said they were concerned about interest rates rising in the coming year, but a little under half (47%) stated that they are well-positioned to navigate an increase. 22% of respondents with a mortgage haven\u2019t even considered what they could afford if rates were to rise, RBC found.<\/p>\n<p style=\"text-align: justify;\">As prices trend upward, Canadians are saving and budgeting more for a home. On average, respondents stated that their budget would be $506,646 if they were to purchase a new home. This is a more than $53,000 increase from $453,231 in 2021. For those saving for a home, respondents say that they have set aside $196,286 on average, a $18,000 increase from $177,558 in 2021.<\/p>\n<p style=\"text-align: justify;\">British Columbia buyers had the highest budgets and the biggest savings for property purchase, at $692,741 and $288,451.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2022\/03\/home-buying-reversing-pre-pandemic.html\" target=\"_blank\" rel=\"noopener\">RBC : Home Buying Attitudes are Reversing Back to Pre-Pandemic Times<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the last two years, the COVID-19 pandemic has had an unprecedented impact on Canada\u2019s housing market, especially when it comes to buyer preferences. As Canadians were mandated to work &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/04\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-19663","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>High Property Prices Impact Homebuying Decisions &amp; Struggle to Cover The Costs of Home Ownership &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2022\/04\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"High Property Prices Impact Homebuying Decisions &amp; Struggle to Cover The Costs of Home Ownership &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"For the last two years, the COVID-19 pandemic has had an unprecedented impact on Canada\u2019s housing market, especially when it comes to buyer preferences. As Canadians were mandated to work &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"High Property Prices Impact Homebuying Decisions &#038; Struggle to Cover The Costs of Home Ownership\",\"datePublished\":\"2022-04-06T18:11:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\\\/\"},\"wordCount\":852,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\\\/\",\"name\":\"High Property Prices Impact Homebuying Decisions & Struggle to Cover The Costs of Home Ownership &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2022-04-06T18:11:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"High Property Prices Impact Homebuying Decisions &#038; Struggle to Cover The Costs of Home Ownership\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"High Property Prices Impact Homebuying Decisions & Struggle to Cover The Costs of Home Ownership &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2022\/04\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\/","twitter_card":"summary_large_image","twitter_title":"High Property Prices Impact Homebuying Decisions & Struggle to Cover The Costs of Home Ownership &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"For the last two years, the COVID-19 pandemic has had an unprecedented impact on Canada\u2019s housing market, especially when it comes to buyer preferences. As Canadians were mandated to work &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2022\/04\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2022\/04\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"High Property Prices Impact Homebuying Decisions &#038; Struggle to Cover The Costs of Home Ownership","datePublished":"2022-04-06T18:11:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2022\/04\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\/"},"wordCount":852,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Real Estate"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2022\/04\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2022\/04\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\/","url":"https:\/\/www.roryc.ca\/blog\/2022\/04\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\/","name":"High Property Prices Impact Homebuying Decisions & Struggle to Cover The Costs of Home Ownership &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2022-04-06T18:11:00+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2022\/04\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2022\/04\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2022\/04\/high-property-prices-impact-homebuying-decisions-struggle-to-cover-the-costs-of-home-ownership\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"High Property Prices Impact Homebuying Decisions &#038; Struggle to Cover The Costs of Home Ownership"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/19663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=19663"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/19663\/revisions"}],"predecessor-version":[{"id":19664,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/19663\/revisions\/19664"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=19663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=19663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=19663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}