First National Financial LP

Residential Market Commentary - A hopeful fall for realtors

  • First National Financial LP

Canada’s big realtors see reasons to be optimistic as the market shows signs of shaking off its post pandemic malaise.  Royal Lepage and Re/Max have both released their forecasts for the autumn real estate market and they are putting their hopes on young buyers.

Royal LePage says 84% of Canadians between 18 and 38 years old believe that home ownership is a worthwhile investment.  Nearly three-quarters of respondents who do not currently own a primary residence say home ownership is a priority.

The Re/Max survey shows 25% of Canadians are actively saving for a home, and are confident they will be able to buy “soon”.  Millennials and Gen Z make up more than a third (35%) of that group.

Royal LePage president Phil Soper is not surprised that young buyers see the benefits of home ownership, and he admires their determination.

“What is both surprising and promising in these findings is the practical and purposeful manner in which these people are tackling affordability barriers,” Soper said.

The Royal LePage survey shows 47% of those planning to purchase say they are regularly saving a portion of their earnings for a down payment; 42% are paying their loans and bills to ensure a good credit rating; 34% are reducing discretionary spending; 30% are living with family and saving for a down payment.

The Re/Max survey reveals that while a home purchase is listed among the top three priorities for 25% of Canadians, it has taken a back seat to day-to-day expenses such as utilities, food, and travel.