Despite an ever-evolving homebuying market, Canadians’ desire to own a home remains steadfast. 74% of prospective homeowners surveyed by TD Bank Group still feel hopeful that they will be able to purchase a home in the next five years. However, given the reality of the current environment, more than half (58%) of prospective buyers admit it will likely take them at least two years to be in a financial position to do so.
To achieve homeownership, 56% of prospective buyers said they are reducing their non-essential expenses. 52% are planning to invest more of their money, 32% are planning to work with a financial professional to develop a plan for homeownership, and 23% are taking out loans. TD reveals that 8% of prospective homebuyers appear to be tapping into the rising trend of the “modern homeowner” by looking to purchase property with someone who is not their partner, such as a friend or family member.
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85% of prospective homeowners not comfortable with the home buying, mortgage process
As well as financial constraints, lack of familiarity with the mortgage and home buying process, and uncertainty around the market itself remain barriers to home ownership. 85% of prospective homeowners say they are not very comfortable with the home buying or mortgage process. Nearly all (95%) say they have concerns related to the mortgage or home buying ownership process. Over half (53%) of prospective home buyers would be “more confident” in keeping up with the Canadian housing market if they had access to quick advice from a professional.
“Navigating the mortgage and home buying process can be overwhelming for many Canadians. Our survey shows that 46% have felt stress. 41% have felt anxious, and 34% have experienced frustration navigating it,” said Natasha Struminikovski, Associate Vice President, Homeowners Journey at TD.
For Canadians looking to achieve the dream of home ownership, it’s important to remain patient, stay informed, seek out professional advice, and have a plan. Having these steps in place can help to ease the stress or uncertainty Canadians may be feeling and can also act as a guide for prospective homebuyers along their journey to homeownership.”
The homebuying experience is evolving
The Canadian home buying process has arguably become more challenging over time due to rising home prices and a shortage of housing supply. The survey found that, of current homeowners polled, the vast majority (82%) purchased their home over six years ago.
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By GlobalDataAmong the current homeowners who purchased over six years ago, 82% said they found the process of buying a home “easy”. 64% indicate that the ease they experienced with the home buying process was due to their ability to secure the house that they wanted within their budget.
“The survey results tell us that most Canadians who went through the mortgage and home buying process at least six years ago felt it was relatively easy, with many finding they were able to afford their desired home. Today, the reality is quite different for many Canadians. 76% of prospective homeowners say they are concerned about the current house prices. 61% cite concerns around the current interest rate environment. With all the challenges prospective homebuyers face in 2024, access to trusted advice is needed now more than ever,” added Struminikovski.
