Canadians are becoming uncertain about homebuying

by Gerv Tacadena21 Nov 2019

Canadians are becoming more undecided about their homebuying intentions, according to the latest study by Canada Mortgage and Housing Corporation (CMHC).

Overall, 42% of buyers this year said they felt concerned or were uncertain about the process of buying a home. This is a noticeable jump from the 37% of buyers who said the same in 2018.

Of those who expressed uncertainty, almost half said the triggers included unforeseen housing costs, living with home expenditures, and paying too much for a home.

Also read: Is investing in Canadian real estate still viable? 

Due to this uncertainty, 78% of buyers interacted with a real estate agent, up from the 61% who consulted a professional in 2018.

"There was a strong increase in buyers' perceptions of the value of working with a real estate agent," the study said.

In fact, the proportion of homebuyers who recognized the value of using an agent rose from 28% in 2018 to 35% this year.

"Some of the key reasons buyers highlighted for this trend were an appreciation for the advice they received from their agent and their agent's attentiveness to their specific needs," the study said.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release


Do you invest in commercial properties?