The results highlight that although most Canadian homebuyers worry they can’t afford to enter the housing market, they still feel that real estate is a good investment and that prices will continue to rise in 2022.
The survey revealed that:
- 63% don’t feel that they can afford to buy a home in 2022
- 71% worry they’ll never be able to buy a home
- 78% of survey respondents think that house prices will increase in 2022
- 66% feel that housing prices aren’t in line with what they can afford
The Canadian economy is in flux, with inflation at a 31-year high and the Bank of Canada promising to raise interest rates from the current benchmark of 1%. While both factors pinch Canadian budgets, 50% of those surveyed said interest rates are not impacting their decision to buy. Instead, 57% of respondents agreed that inflation would affect their ability to buy a home.
66% of Canadians Worry They Can’t Afford a Home in Their City
While affordability varies from province to province, Zolo’s survey indicates that about 66% of Canadians don’t think that house prices in their city align with what they can afford. This percentage varies by province:
- 79% of British Columbians, where prices have increased 24.2% year-over-year
- 76% of Ontarians, where home prices have increased 25.3% year-over-year
- 53% of Albertans, where home prices have increased 15.5% year-over-year
- 59% of Manitobans, where home prices have increased 14.5% year-over-year
- 63% of New Brunswickers, where home prices have increased 30.7% year-over-year
- 64% of Newfoundlanders, where home prices have increased 5.9% year-over-year
- 59% of Nova Scotians, where home prices have increased 23.3% year-over-year
- 70% of Prince Edward Islanders, where home prices have increased 8.5% year-over-year
- 56% of Saskatchewanians, where home prices have increased 3.8% year-over-year
Zolo is one of Canada’s most popular national real estate marketplaces. Each month, over 10 million home shoppers use Zolo to level up how they buy, sell, rent, finance and learn about real estate.
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For further information: Jordan Brown, Zolo, +1 647-874-7119, [email protected]