RBC poll shows mix of optimism and uncertainty about Canada's housing market - BNN Bloomberg

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Canadians are more optimistic about the housing market in 2023, according to new poll from RBC, but many are unsure about whether it‘s the right time to make a purchase.

"There has been a big shift in Canadians' sentiment around the housing market, including an increase in uncertainty around where the market is today," Nick Palucci, senior director of home equity financing at RBC, said in a news release on Tuesday.

More than half of respondents were worried about their financial position maybe deteriorating over the next year, which RBC said “could be contributing to why only 22 per cent would give an immediate family member or their child money for a new home,” down from 26 per cent a year earlier.

Nearly 80 per cent of first time homebuyers also felt they were in a better position to buy a home than in previous years, 65 per cent were optimistic about the housing market over the next year, and 51 per cent said they believe homes will be affordable “in the near future.”

 

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Once interest rates begin to decline next year, prices will rise steadily 15% per year compounded for next 2 decades.

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