Housing Market Shows Signs Of Optimism

While cracks are beginning to show in Canadians' confidence in the housing market and some may be changing their home buying plans, there are signs of optimism, says the annual ‘RBC Home Ownership Poll.’ Overall, Canadians are watching as house prices come down with 40 per cent of respondents saying they expect to pay less now for a home than they would have a year ago. Respondents also feel the seller's market has passed its peak with only 37 per cent saying it's a seller's market, compared to 71 per cent in 2022. For others, there is uncertainty. A quarter of respondents are unsure about the type of market we are in and 18 per cent don't know whether now is a great time to buy. Three-quarters of respondents are worried about the potential of an upcoming recession, which could be one of the reasons why 26 per cent are thinking about buying a home later. But some Canadians may not want to wait as 31 per cent believe there is only a small window of time to take advantage of lower house prices and 42 per cent say there will be no peak to how high house prices will go once they start rising again.