People in these Canadian provinces are most likely to buy a new home in 2024

Home prices, while declining recently, are still out of reach for many Canadians but a new survey finds many residents plan to make the big purchase this year anyway.

Nationally, home prices dropped after peaking in early 2021, according to the Canadian Real Estate Association.

In the GTA, the average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022, according to the Toronto Regional Real Estate Board.

But this is still quite expensive for the average resident struggling with inflation.

Nevertheless, a new survey from real estate brokerage Wahi finds nearly one in five Canadians 18 years old and up say they probably will or may buy a home this year.

The survey of Angus Reid Forum 1,508 members looked at homebuyer intentions for 2024, Wahi said in a press release.

Videos

Canadians under 35 years old have the strongest intentions of buying a home and even considering working longer hours or taking on a side hustle to get it, the survey found.

“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,” Wahi CEO Benjy Katchen said in the release.

Of those aged 35 to 54 years old 22 per cent said they might, or probably will, buy a home in 2024, and, unsurprisingly that drops to 11 per cent for those 55 years old and over. The national average for all age groups was 18 per cent.

Home-buying intentions also vary by region, according to the survey.

Alberta has the highest proportion (25 per cent) saying they may buy a home next year.

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.

But 29 per cent of Ontario respondents who are interested in buying a home also said they aren’t sure if they have enough savings.

Atlantic Canada had the lowest share of potential homebuyers (11 per cent) but the highest
share of existing homeowners who say they own a home and are not looking to buy this year (58 per cent).

Many Canadians are still waiting to see how the market is in 2024.

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 (49 per cent)
and with interest rates (48 per cent).

In general, potential homebuyers are willing to take extra measures to get into the market.

About 21 per cent said they are planning to work more or take on other work — eight per cent said they would drive for Uber to make the extra cash.

Canadians aged 18 to 34 were most likely to cut back on spending (59 per cent).

And 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. 

The survey was conducted by Wahi from Dec. 14 to 18, 2023 among a representative sample of 1,508 online Canadians who are members of the Angus Reid Forum.

The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.5 percentage points, 19 times out of 20.

See the full report from Wahi here.

Photo: Wild Shots Photography