Buying a house is the largest single investment most Canadians ever make and right now, we don’t seem to know how to approach that milestone decision.
Inflation creeping up at a rapid pace and interest rates also on the rise are complicating decision-making for many of us.
This is especially true for those in big cities where the average home price is north of $1 million.
It is a double whammy — higher purchase prices coupled with increased debt service costs.
A survey of attitudes towards home buying conducted for ScotiaBank came up with an interesting contradiction in all of this.
That survey found that 90 per cent of Canadians between 18 and 34 expect house prices will continue to rise but more than 60 per cent of them say they will postpone home buying until prices come down.
In other words, they want lower prices but don’t expect that to happen.
So, more people are looking to relocate to cheaper communities or the ‘burbs.
That is least likely to be the case in Saskatchewan, though, where only 29 per cent say they are opting to move out of the city in search of a cheaper house.
