The number of people whose plans to buy a house have been put on hold has doubled in the past two years, according to ScotiaBank’s annual Homeownership Survey.
This year, the percentage putting off buying a house came in at 43 per cent compared to the 20 per cent who thought homeownership was out of reach in 2020.
This is a big jump signalling the crossing of an imaginary line where rising prices coupled with higher interest rates have finally changed the market.
Another report indicated that home sales in Vancouver – the highest priced market in the country – rose by almost 30 per cent in March compared to February as purchasers scrambled to get their hands on a property before inflation drives prices and financing costs even higher.
Meanwhile, Ontario has the highest percentage of people saying the they plan to leave the big city in order to afford a house.
