Confusion around mortgages kept buying plans on ice
For many aspiring first-time buyers, homeownership still looks like a distant goal despite softer prices in some markets and early interest rate cuts.
A new Scotiabank Housing Poll conducted by The Harris Poll Canada suggested that economic unease and job stability concerns continue to weigh heavily on households considering a first purchase.
The survey found that more than half of Canadians planning to buy their first home in the next five years felt ownership was currently out of reach, with 62% saying the economic environment was hurting their finances and delaying plans.
Affordability topped the list of worries at 56%, followed by uncertainty about the future at 47% and fear of making the wrong decision at 43%.
First-time buyers under pressure
Mortgage decisions for this cohort are also shaped by the labour market. Nearly half of would-be first-time buyers said worries about job stability influenced their mortgage choices, compared with 28% of Canadians overall, according to the poll.
“Scotiabank's latest Housing Poll shows that nearly half of first-time homebuyers worry about making the wrong decision and place clarity and guidance at the top of their needs when taking their first step into homeownership,” said Matthew Grey, vice president, real estate secured lending at Scotiabank.
“That is why we work alongside our clients, offering tailored advice and step-by-step support to simplify the process and help Canadians feel confident about one of life's biggest financial decisions.”
The poll underlined just how daunting that process had appeared. Some 92% of first-time buyers said they found homebuying confusing, compared with 68% of Canadians overall, while 44% said they were looking for step-by-step guidance.
Many leaned on informal networks: half reported going to friends and family for information, yet more than a quarter still cited a lack of trusted advice as a barrier.
Similarly, one in four Canadians—rising to 34% among Gen Z—believed guidance from older generations no longer felt relevant.
Nearly half of 18–34-year-olds said advice on buying a home did not apply to their circumstances, and more than a third questioned traditional perspectives on employment and income, according to a poll commissioned by Simplii Financial.
Broader affordability and confidence headwinds
The findings echoe a wider sentiment captured in other recent polling and industry analysis.
An Ipsos survey found that even after a Bank of Canada rate cut, many prospective buyers remain discouraged by borrowing costs and overall housing affordability, with a significant share believing they would not be able to afford a home “regardless of how much interest rates drop.”
First-time buyers have not rushed back into the market despite lower prices and easing mortgage rates, with many “still aren’t entering the fray in droves” and choosing to wait on the sidelines.
Aled ab Iorwerth of CMHC warns that weak productivity in residential construction has added up to $8 billion in costs since 2019, driving home prices higher and threatening Canada’s goal to double housing starts by 2030.https://t.co/G2plbJS7wQ
— Canadian Mortgage Professional Magazine (@CMPmagazine) November 27, 2025
At the same time, stagnant incomes among younger Canadians has limited their capacity to qualify for mortgages even as they managed other debts.
Taken together, the latest results point to a cohort that still valued homeownership for independence and stability, but faced a complex mix of affordability constraints, wage pressures, and job-market worries.
For mortgage professionals, the poll reinforces that clear, credible advice and realistic financing strategies remain central to rebuilding confidence among first-time buyers rather than expecting rate cuts alone to unlock demand.
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