A new Wahi survey of Angus Reid Forum members that looks at homebuyer intentions for 2024, revealed that almost one in five Canadians aged 18 and up say they probably will or may buy a home this year, and Canadians under 35 have the strongest intentions.
Wahi’s 2024 Homebuyer Intentions Survey explores Canadians’ homebuying plans over the next year and what prospective homebuyers are going to do to make their ownership a reality.
The survey revealed that many Canadians are planning to make sacrifices, which include spending less, working longer hours, or taking on a side project for extra income.
“As the results of our survey suggest, 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.
Key findings from the survey include the following.
The survey revealed that younger Canadians are keen to get on the property ladder. Despite high house prices and the recent surge in interest rates, almost one-quarter of Canadians aged 18 to 34 said they might, or probably will, buy a home in 2024. This is higher than what was observed for those between the aged of 35 to 54 and 55+. The national average for all age groups was 18 per cent.
According to the survey, Alberta has the highest proportion (25 per cent) saying they may buy a home next year, which possibly reflects the affordability of Calgary and Edmonton compared to other major Canadian cities. In B.C. 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.
Atlantic Canada had the lowest share of potential homebuyers (11 per cent), according to the survey, but the highest share of existing homeowners who say they own a home and are not looking to buy this year (58 per cent).
Among Canadians who say they might, or probably will, buy a home in 2024, the top potential barriers, according to the survey are that they want to see what happens with home prices (49 per cent) and with interest rates (48 per cent).
The survey also revealed that more than a quarter (28 per cent) of these respondents aren’t sure if they have enough savings, especially those residing in B.C. (36 per cent), Atlantic Canada (34 per cent), Ontario (29 per cent).
About 45 per cent of potential homebuyers say they are cutting back on spending to prepare for the potential purchase of a home in 2024. Canadians aged 18 to 34 were most likely to cut back on spending (59 per cent), according to the survey.
The survey also revealed that Canadians with homebuying intentions this year also say they are planning to work more hours (21 per cent) or take on a gig-economy job, such as driving for Uber (8 per cent).
About one in five (19 per cent) potential homebuyers aged 18-34 plan to purchase property with a partner or family member to split the cost.
These are the findings of a survey conducted by Wahi from December 14 to 18, 2023, among a representative sample of 1,508 online Canadians who are members of the Angus Reid Forum.