What to know<\/p>\n
An RBC poll found 64 per cent of Ontario respondents said they never really know when the right time to buy a home is, while 78 per cent believe homeownership requires more sacrifices today than it did for previous generations.<\/p>\n
Economic uncertainty is a major barrier for prospective buyers, with 75 per cent saying it makes them more cautious about purchasing a home, 72 per cent calling it their biggest challenge, and 64 per cent worrying it could derail their homeownership plans.<\/p>\n
Rising costs continue to strain would-be homeowners, as 71 per cent said inflation is reducing their ability to save for a home, while fewer than half feel confident making homebuying decisions in the current market.<\/p>\n
Torontonians interviewed by Now Toronto echoed the survey findings, citing high housing costs, stagnant affordability, limited financial education, and concerns that younger generations face a much tougher path to homeownership than their parents did.<\/p>\n
It\u2019s no secret that Toronto has been facing a housing and affordability crisis<\/a>, but a recent study shows that residents don\u2019t believe costs will ever go down enough for there to be a \u201cright time\u201d to buy.<\/p>\n A new poll from RBC shows that 64 per cent of Ontario respondents said they never really know when the right time to buy a home is. That uncertainty only grows with further findings suggesting 78 per cent of the Ontario residents said home ownership means more sacrifices now than for previous generations.<\/p>\n Among Canadians planning to purchase a home within the next two years, 75 per cent said economic uncertainty is making them more cautious about taking the financial plunge, while 72 per cent said it was the biggest challenge standing in their way of owning. Additionally, around 64 per cent of those polled were worried the financial uncertainty would prevent them from buying in the upcoming years.<\/p>\n Inflation is also not helping, with 71 per cent of those polled admitting the rising costs have them saving less than needed for a home.<\/p>\n Because of these factors, confidence levels are on the lower end, with less than half of prospective buyers telling RBC that they could confidently make homebuying decisions in today\u2019s market. Additionally, only 56 per cent said they believed they had the resources and information needed to make smart home-buying decisions. Meanwhile, 74 per cent of respondents said most buyers experience some level of financial shock when they purchase their first home.<\/p>\n Aside from RBC\u2019s homeownership poll, in May <\/a>2026, Statistics Canada<\/a> found that at the ages of 25 to 39-years-old, millennials had the lowest rate of homeownership when compared to older generations. Around 49 per cent of millennial-age adults owned a home in their mid 20s to late 30s, compared to 56 per cent of Gen X, and 55 per cent of Baby Boomers.<\/p>\n