RBC poll showed buyers stayed motivated even as decisions felt riskier.
Canadians have not let a jittery rate environment shake their belief in homeownership, even as decisions around timing, product and renewal felt more fraught.
In RBC’s latest Spring Home Ownership Poll, 67% said they have always dreamed of buying a home, up from 62% a year earlier. Four in five viewed purchasing a home as one of life’s biggest financial milestones.
At the same time, nearly half of respondents said there is too much pressure to buy, and 44% said affordability worries are “constantly” on their mind.
Renewal fears are also rising: among homeowners facing renewal within two years, 58% worried about making the wrong decision, compared with 39% of all owners.
“Despite a complex and uncertain market, Canadians still aspire to home ownership and the perception of financial independence that comes with it,” said Janet Boyle, senior vice president of home equity finance at RBC.
“What’s changed is that many buyers’ mindsets have shifted from the fear of missing out to concern about making the right move at the right time. Working with a mortgage advisor could help reduce uncertainty and provide the guidance and clarity Canadians needed to navigate the market and get closer to their home ownership goals,” she said.
First‑time buyers push harder to make the numbers work
Among Canadians planning to buy their first home within two years, 62% said they feel closer to their goal and 71% reported having a savings plan, with an average of $110,339 already set aside.
Many expect sacrifices: 46% anticipate living with parents longer, 42% reported delaying having children and 64% said they would need a side hustle or second job to afford a home.
Knowledge gaps persist, with roughly two‑thirds saying they do not know how much mortgage they could afford or what is required for approval.
Canada Mortgage and Housing Corporation (CMHC) data showed more first‑time buyers were stretching to the maximum price they could afford, and relying heavily on gifts, savings and the First Home Savings Account to assemble down payments.
“For first-time buyers, what historically has been a good way to climb the ladder of homeownership is you buy a condo, live in it for three to five years, pay down your mortgage, build a little bit of equity, and then you end up rolling that equity maybe into a townhouse or a semi-detached,” Drew Donaldson, mortgage broker, principal at the Toronto-based Donaldson Capital, told Canadian Mortgage Professional.
“And then eventually as you progress, maybe you get into a detached home down the road. So I do think first-time homebuyers are an important piece of the market. I’m all for it – and as long as people qualify and have good income, good credit, then I see no issues with it.”
Renewals and advice needs reshape the broker conversation
For existing homeowners, the survey suggests a mix of strain and opportunity. Fifty‑nine percent said they are worried about covering homeownership costs, yet 38% reported using lower rates to pay down principal and 29% said they are ahead of schedule on repayment.
Half of homeowners said they need a mortgage advisor to help them navigate renewal.
“There was a lot of cautious optimism amongst our clients these days,” said Brad Evjen, senior mortgage specialist at RBC.
“While you couldn’t time the market, you could make educated decisions. Considering cash flow, debt management strategies and future goals all factored into buying or owning a home. Having access to the right tools, expert advice and mortgage solutions could make a real difference in helping buyers feel prepared and confident to navigate the homebuying experience in a way that suited them,” he said.
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