“It is not surprising that a perfect storm made up of rising living costs, home shortages and rising demand has made Canadians feel that home ownership is inaccessible,” said John Webster, head of real estate and secured lending. of Scotiabank. in a press release. The Scotiabank Housing Poll 2022 poll, released Monday, says 43 percent of Canadians now have plans to buy a home pending, up from 33 percent in 2021 and 20 percent in 2020. “Twice as many Canadians are waiting for their plans to buy a home in the current economic climate, compared to the first year of the pandemic and the peak of uncertainty in 2020,” Scotiabank said. Younger Canadians seem to feel even worse about buying a home. According to the survey, 56 percent of respondents aged 18 to 34 said that their current financial environment led them to stop buying a home, while 62 percent said they expected prices to fall before buying. There are no indications that prices will fall soon. The latest figures from the Canadian Real Estate Association show that the average house price in Canada has risen more than 20 percent since last year, reaching a record $ 816,720 in February 2022. In the same month, Canada’s inflation rate rose to 5, 7 per cent, 30 years old. Real estate company Royal LePage expects total home prices to rise 10.5% in 2022 to $ 859,700 by the end of the year. “Concerns about cost of living, rising interest rates, market volatility and financial uncertainty have discouraged most millennials of their home ownership ambitions,” Scotiabank said. The poll also found that a growing number of Canadians seem willing to move away from the big cities to get more value for their money, with 35 percent of respondents in 2022 saying they think so, compared to 29 percent in 2021. the numbers rise to 49 percent for younger Canadians and 39 percent for Ontarians. For those who live where they live, 59 percent of respondents said they would choose to renovate their property instead of buying a new home, up from 56 percent in 2020. The poll was conducted by Maru Public Opinion on behalf of Scotiabank between 15 and 17 February 2022. It included 3,027 Canadian adults, whose responses were weighted by education, age, gender and region to match current census data. The results have an estimated error margin of ± 1.8 percent, 19 times out of 20. With files from the Canadian Press
