Canada’s housing market is becoming more inviting with lower rates, growing inventory, and friendlier prices, giving first-time buyers extra time to prepare with confidence.
đź“Š What the Survey Shows
Royal LePage’s latest poll (conducted by Burson) found that 13% of Canadian adults are actively working toward buying a home within the next two years.
- 82% of those hopeful buyers expect to wait 12–24 months before making a purchase.
- Only a small share plans to buy within the next year.
🤔 Why the Wait?
Phil Soper, Royal LePage’s president and CEO, says buyers want certainty before making the leap. Interest rates are trending lower and prices have stabilized in big markets like Toronto and Vancouver. But concerns about economic uncertainty, including Canada’s trade relationship with the U.S., make some people cautious. Others hope to score a better deal if rates drop again.
💰 Bank of Canada’s Move
The Bank of Canada recently cut its benchmark rate by 0.25 percentage points to 2.5%, ending three straight holds. Markets now see about a 46% chance of another 25-bps cut at the next meeting on October 29, with a 54% chance of no change.
đź’ˇ Budget Adjustments
To make home ownership possible:
- 60% are looking in more affordable areas
- 40% are downsizing to smaller homes than planned
- 39% are cutting back on non-essential spending
About 41% expect financial help from family or others, while just over half say they’ll buy on their own.
Bottom line:
Lower rates and stable prices are tempting, but most first-time buyers are choosing to save longer and wait for the right moment rather than rush into the market.
Ready to make your first move when the timing feels right? Garland Mortgage can help you prepare today so you’re ready tomorrow. Our team will walk you through budgeting, pre-approvals, and rate options, so when the market fits your plan, you can act with confidence.
📞 Let’s start your strategy now, contact us for a personalized consultation.
