{"id":19732,"date":"2022-04-18T11:11:00","date_gmt":"2022-04-18T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19732"},"modified":"2022-04-17T17:19:09","modified_gmt":"2022-04-18T00:19:09","slug":"canadas-youngest-are-putting-home-purchase-plans-on-hold","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/04\/canadas-youngest-are-putting-home-purchase-plans-on-hold\/","title":{"rendered":"Canada&#8217;s Youngest are Putting Home Purchase Plans on Hold"},"content":{"rendered":"<p style=\"text-align: justify;\">Higher home prices, rising interest rates and economic uncertainties are prompting more homebuyers to hold off on jumping into the market now than during the most uncertain times of the COVID-19 pandemic.<\/p>\n<p style=\"text-align: justify;\">Results from a new Scotiabank Housing Poll show that twice as many Canadians are pumping the breaks on their home buying plans compared to the first year of the pandemic. 43% of those surveyed said that they were putting their purchase plans on hold in 2022, which is a jump from 33% in 2021 and 20% in 2020.<\/p>\n<p style=\"text-align: justify;\">The survey was conducted by Maru Public Opinion with 3,027 randomly-selected Canadian adults in February, which includes a mix of homeowners and renters.<\/p>\n<p style=\"text-align: justify;\">Canada\u2019s youngest cohort of homebuyers are feeling discouraged by the market\u2019s biggest challenges right now, which includes the rising cost of living, climbing interest rates and economic uncertainty.<\/p>\n<p style=\"text-align: justify;\">Of those respondents between 18 and 34 years old, 90% said that they believe housing prices will continue to grow over the next 12 months. 62% said that they are waiting for home prices to drop before making a purchase.<\/p>\n<p style=\"text-align: justify;\">56% of Millennials agreed that the current economic environment has negatively impacted their finances, ultimately forcing them to hold off on purchasing a property. A little more than half (51%t) of Canadians in the 18 to 34 age group feel that the threat of rising interest rates has paused their home buying plans. However, overall, the majority of Canadians (81%) say that they are more concerned about the increasing price of goods and services than they are about a potential interest rate hike.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s no surprise that a perfect storm made up of the rising cost of living, housing supply shortages, and increased demand has caused Canadians to feel like homeownership is out of reach,\u201d said John Webster, Scotiabank\u2019s head of real estate and secured lending, in a press release. \u201cIt\u2019s important that Canadians know that they\u2019re not alone.\u201d<\/p>\n<p style=\"text-align: justify;\">Although offices are reopening and COVID-19 restrictions are becoming looser, Canadians are still motivated to move outside of urban areas in search of affordable housing. In 2022, 35% of respondents say that market conditions have motivated them to move further away from major cities to get more for their money, higher than 29% that was reported in 2021.<\/p>\n<p style=\"text-align: justify;\">This sentiment is most common among the youngest home buying generation, 49% of whom are considering moving out of their city to get more space for their money. In Ontario, 39 per cent of those polled are considering moving or buying a home outside of the city where their dollars will stretch farther.<\/p>\n<p style=\"text-align: justify;\">Instead of getting into a competitive marketplace, some homeowners are choosing to stay put and renovate instead of buying &#8211; 59% of respondents say they are choosing to renovate their existing property instead of purchasing a new home in 2022. This is up from 56% during the height of the pandemic in 2020.<\/p>\n<p style=\"text-align: justify;\">This year, 15% of those surveyed say they will purchase a new property and sell their old one, while 10% have intentions to buy a leisure or investment property.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2022\/04\/canadians-home-purchase-covid-peak.html\" target=\"_blank\" rel=\"noopener\">More Canadians are Holding Off on Home Purchases<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Higher home prices, rising interest rates and economic uncertainties are prompting more homebuyers to hold off on jumping into the market now than during the most uncertain times of the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/04\/canadas-youngest-are-putting-home-purchase-plans-on-hold\/\">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-19732","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>Canada&#039;s Youngest are Putting Home Purchase Plans on Hold &#8226; 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