A drop in Canadian housing numbers has left some sellers feeling discouraged and uncertain about the future. Others have put off listing their homes entirely.
But according to a recent survey from Zoocasa, a digital real estate listing service, homeownership is still a key part of the Canadian dream for many residents, even as a shifting economy presents challenges for some potential buyers.
The report, called Housing Trends Report: Aspirations and Obstacles, polled almost 1,500 Canadians to evaluate their homeownership goals and take stock of the problems within the housing market.
In total, 86 per cent of respondents said they consider owning a home to be a key milestone in life, an increase of 3 per cent from the previous year’s survey. This feeling was popular across all age groups surveyed, including 84 per cent of millennials.
The report also found that most people find affordability to be their largest barrier to homeownership. But, in good news for sellers, this opinion was down from last year, which could be a reflection of lowering prices in some of Canada’s largest markets.
Though some respondents indicated that rising interest rates and saving for down payments are somewhat of an obstacle, overall, it’s safe to say that Canadians would still rather own a home than rent indefinitely.