Survey: Most Canadians Buyers Willing To Shoulder Financial Strain For Homeownership

The majority of Canadian homebuyers are still happy to have a residence to call their own, despite the financial pressures they are shouldering.

According to the 2023 Homebuyer Sentiment Survey published by the real estate marketplace Zolo, 93% of homebuyer respondents said competitive property markets and rising interest rates influenced their decision to buy a home, while 92% said that inflation at least somewhat affected their ability to afford their home.

While slightly less than one-third of respondents (30%) admitted their finances were tight, they also claimed they were managing to carry on despite having little room for extras. But 10% of respondents said they were struggling and unable to make ends meet.

Still, 45% stated that they would still be content with their properties if there were another interest rate increase before the end of this year.

“When we asked Canadian homeowners if they are worried about being able to afford their mortgage when it comes up for renewal, it wasn’t surprising to see that only 3% never worry,” said Alyssa Davies, content manager at Zolo. “On the opposite end of those who never worry are those who say that thinking about mortgage renewal causes them to worry constantly. In this regard, 20% of Canadian homeowners say this is their reality. This is a significant increase of 9% from homeowners surveyed at the same time last year.”