Canadians are less likely to buy a home (62%) than they were at the height of the pandemic, and Quebecers are among those least likely to become homeowners (60%) in the country, according to a recent Scotiabank survey.
Of Canadians surveyed in 2022, 43% said they had put plans to buy a property on hold, up from 33% in 2021 and 20% in 2020.
“Worries about the cost of living, rising interest rates, market volatility and economic uncertainty have discouraged most millennials from pursuing home ownership. “, can we read in the results of the survey released on Monday.
A strong majority (90%) of Canadians aged 18 to 34 believe that house prices will continue to rise over the next 12 months. Quebecers are the most likely in the country to be of this opinion (89%), ahead of residents of Ontario (86%), Manitoba and Saskatchewan (85%).
Furthermore, despite the easing of health restrictions and the return to work of some employees, market conditions have encouraged even more Canadians to move away from the big cities to get more for their money (35% in 2022, compared to 29% in 2021). Residents of Ontario (39%) are the most likely to consider moving or buying a home out of town, ahead of those in Alberta (29%), Manitoba and Saskatchewan (29%) , and Quebec (31%).
The survey was conducted among 3,027 people, between February 15 and 17, 2022.