You want to buy a home but you keep waiting for the perfect moment. According to a new RBC Home Ownership Poll, 64 percent of Canadians believe that perfect time simply does not exist. Rising costs and shifting economic conditions make the homebuying journey feel like a high stakes game.

Image source: RBC

Atlantic Canada Remains a Sellers Market

The housing market looks very different depending on where you live. Nationally, Canadians are divided on whether it is a buyers or sellers market. In Atlantic Canada, the consensus is clear. Over half of respondents in our region say we are currently in a sellers market.

Buyers Make Major Financial Sacrifices

Inflation directly impacts how much money you can set aside for a down payment. Among those planning to buy a home within the next two years, 71 percent report saving less due to the rising cost of living.

To make homeownership a reality, buyers are making significant tradeoffs. Data shows 69 percent delay major purchases like cars or renovations and 62 percent scale back their vacations. More alarmingly, 53 percent plan to redirect their retirement savings toward buying a home.

Economic Uncertainty Clouds Confidence

Economic uncertainty does not stop people from wanting to buy but it does make them cautious. Janet Boyle is the Senior Vice President of Home Equity Finance at RBC. She notes that rising costs make every step of the process feel heavier.

“Rising costs and shifting economic conditions have made every step of the homebuying journey feel higher stakes and the pressure of whether to act is weighing on Canadians,” Boyle says.

Brad Evjen is a Senior Mortgage Specialist at RBC. He adds that this uncertainty makes timing difficult for prospective buyers.

“Many of my clients want to buy a home but economic uncertainty is making it harder to feel confident about timing,” Evjen says.

Frequently Asked Questions

Is now a good time to buy a home in Saint John?

The right time to buy depends entirely on your personal financial situation. You need to understand what you can afford and create a solid savings plan before entering the market.

How does inflation affect homebuyers?

Inflation reduces your ability to save money. The RBC poll shows 71 percent of prospective buyers save less for a home because everyday living costs are higher.

Are buyers using retirement savings to buy homes?

Yes. Over half of prospective buyers plan to use a portion of their retirement savings to fund their home purchase.