For a significant number of Canadians, 2024 will be the year they buy a home. In fact, nearly one in five Canadians aged 18 and up say they probably will or may buy a home this year, and Canadians under 35 have the strongest intentions, according to a new Wahi survey of Angus Reid Forum members that looks at homebuyer intentions for 2024.
Wahi’s 2024 Homebuyer Intentions Survey gauges Canadians’ homebuying plans over the next year as well as what homebuyer hopefuls are going to do to make their ownership dreams come true. The survey suggests that many Canadians are planning to make sacrifices, including spending less, working longer hours, or taking on a side hustle. “As the results of our survey suggest, many Canadians are planning to purchase a home this year — particularly in some of the country’s more affordable markets — and they’re also willing to make lifestyle and work changes to realize their dreams,” says Wahi CEO Benjy Katchen.
Despite high house prices and the recent surge in interest rates, nearly one-quarter (24%) of Canadians aged 18-34 say they might, or probably will, buy a home in 2024. This is higher than what was observed for those aged 35-54 (22%) and 55+ (11%). The national average for all age groups was 18%.
These are the findings of a survey conducted by Wahi from Dec. 14 to 18, 2023 among a representative sample of 1,508 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.5 percentage points, 19 times out of 20.
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