A survey conducted by the Wahi real estate agency says Young adults are the most optimistic age group in Canada about buying a home this year despite the rising cost of house prices.
In its 2024 Homebuyer Intentions Survey, the real estate agency examined the attitudes of Canadians towards homebuying over the next year.
The results of that survey revealed nearly one-quarter, 24 per cent, of Canadians aged 18 to 34 years old hope to buy a home in 2024.
That means these young adults are more likely to be planning to buy a home than those aged 35 to 54 years old or those 55 years old and above.
Among those 35-to-54 years old, only 22 per cent they planned to buy a home this year and only 11 per cent of those aged 55 and older said they planned to do so. The national average for all age groups was 18 per cent.
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With higher housing costs than in the past, many of those who are hoping to buy a home this year are planning to tighten their belts and work side gigs to raise the needed down payments.
“Some 45 per cent of potential homebuyers say they are cutting back on spending to set themselves up financially for purchasing a home in 2024, making it the most common sacrifice,” noted Wahi in a statement.
“Canadians aged 18 to 34 were most likely to cut back on spending, at 59 per cent.”
One in five Canadians with homebuying intentions this year says he or she is planning to work more hours or take on a gig-economy job, such as driving for Uber. And about one in five, 19 per cent, of these potential homebuyers aged 18-34 plan to purchase that property with a partner or family member to split the cost.
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“Many Canadians are planning to purchase a home this year, particularly in some of the country’s more affordable markets, and they’re also willing to make lifestyle and work changes to realize their dreams,” said Wahi CEO Benjy Katchen.
Across the country, Alberta has the highest proportion, at 25 per cent, of those saying they may buy a home next year, possibly reflecting the affordability of Calgary and Edmonton compared to other major Canadian cities.
Albertans Most Likely To Be Planning To Buy A Home This Year, Atlantic Canadians The Least
In British Columbia and Ontario, the provinces with the highest home prices, 21 per cent and 19 per cent of respondents, respectively, may buy a home next year.
In one of the lowest-cost real estate markets in the country, Atlantic Canada, only 11 per cent of those surveyed said they planned to buy a home, meaning those living in that region are the least likely of all Canadians to be planning to buy a home this year.
Atlantic Canadians, though, have the highest share of existing homeownership at 58 per cent.
Many of those Canadians who are planning to buy a home this year are keeping an eye on real estate prices and interest rates.
“Among Canadians who say they might, or probably will, buy a home in 2024, the top potential barriers are simply that they want to see what happens with home prices, at 49 per cent, and with interest rates, at 48 per cent.
“More than a quarter … of these respondents aren’t sure if they have enough savings, especially those residing in British Columbia … Atlantic Canada … and Ontario.”
The survey was conducted in both official languages of Canada from Dec. 14 to 18, 2023 from a representative sample of 1,508 Canadians who are members of the Angus Reid Forum.