Canadians answer: Is now a good time to get a home?

The latest report from Mortgage Pros Canada reveals a potentially surprising consensus

Canadians answer: Is now a good time to get a home?

The majority of Canadians believe now isn’t the best time to purchase a home, according to the latest semi-annual report from Mortgage Pros Canada (MPC).

The Semi-Annual State of the Mortgage Market report is used to gauge the public’s sentiment on the property market. In this case, the survey revealed 67% of respondents across different key demographics reached a consensus that homeownership is might be worth waiting for instead of jumping the gun now. Around 23% of respondents felt neutral about the market, while the remaining 6% said it was a good time to buy a home.

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The majority expect house prices to climb in 2023. Better Dwelling called it a “contrary take from households,” given that it should be a good time to buy a home if prices are expected to increase in the near future.

In addition, MPC found 67% of homeowners also believe it’s a bad time given the current economic situation. This may be surprising to some, as it goes against the historical trend of homeowners being optimistic about the general state of the property market. In fact, MPC said the result is the lowest share in the history of the survey.

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Usual investors have also exhibited a significant turn in sentiment, with only 7% of boomers keen on the prospect of buying a home at this time.

MPC’s results are in line with the poll conducted by Mortgage Professionals Canada last week. Still, most believe that owning real estate is a good long-term investment, but there is slightly less optimism compared to the past two years, indicative of a tougher market.