Nearly 1 in 5 Canadians Are Considering Buying a Home in 2024

Wahi’s 2024 Homebuyer Intentions Survey provides valuable insights for REALTORS® about real estate resolutions Canadians are making for the New Year.

By Josh Sherman | 2 minute read

There’s no denying that the past couple of years have been challenging for many in the real estate industry. The higher-interest-rate environment has led to a slump in sales, which has obvious implications for REALTORS®.

However, a recent Wahi survey of Angus Reid Forum members suggests that a significant number of Canadians are planning to make 2024 the year they buy a home. In fact, nearly one in five Canadians aged 18 and up say they probably will or may buy a home this year, and Canadians under 35 have the strongest intentions.

Wahi’s 2024 Homebuyer Intentions Survey gauges Canadians’ homebuying plans over the next year as well as what homebuyer hopefuls are going to do to make their ownership dreams come true. The survey suggests that many Canadians are planning to make sacrifices, including spending less, working longer hours, or taking on a side hustle. That should come as encouraging news for REALTORS®. “As the results of our survey suggest, many Canadians are planning to purchase a home this year — particularly in some of the country’s more affordable markets — and they’re also willing to make lifestyle and work changes to realize their dreams,” says Wahi CEO Benjy Katchen. 

Key findings from the survey: 

1. Younger Canadians keen to get on the property ladder  

Despite high house prices and the recent surge in interest rates, nearly one-quarter (24%) of Canadians aged 18-34 say they might, or probably will, buy a home in 2024. This is higher than what was observed for those aged 35-54 (22%) and 55+ (11%). The national average for all age groups was 18%.

2. Location, location, location: Homebuying intentions vary by region

• Alberta has the highest proportion (25%) saying they may buy a home next year, possibly reflecting the affordability of Calgary and Edmonton compared to other major Canadian cities.
• In B.C. and Ontario, the provinces with the highest home prices, 21% and 19% of respondents, respectively, may buy a home next year.
• Atlantic Canada had the lowest share of potential homebuyers (11%) but the highest share of existing homeowners who say they own a home and are not looking to buy this year.

3. Potential homebuyers are playing the waiting game  

• Among Canadians who say they might, or probably will, buy a home in 2024, the top potential barriers are simply that they want to see what happens with home prices (49%) and with interest rates (48%).

   

• More than a quarter (28%) of these respondents aren’t sure if they have enough savings, especially those residing in B.C. (36%), Atlantic Canada (34%), Ontario (29%).

4. Canadians plan to work more and spend less to achieve the dream of homeownership 

• Some 45% of potential homebuyers say they are cutting back on spending to set themselves up financially for purchasing a home in 2024, making it the most common sacrifice (respondents could choose multiple answers). Canadians aged 18 to 34 were most likely to cut back on spending (59%).
  
• Canadians with homebuying intentions this year also say they are planning to work more hours (21%) or take on a gig-economy job, such as driving for Uber (8%).

   

• About one in five (19%) potential homebuyers aged 18-34 plan to purchase property with a partner or family member to split the cost. 

Methodology:

These are the findings of a survey conducted by Wahi from Dec. 14 to 18, 2023 among a representative sample of 1,508 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.5 percentage points, 19 times out of 20.