EMBARGOED Wednesday, April 7 4 a.m. ET.

Over half of Canadian homeowners plan to stay in their dwelling for the foreseeable future, a survey from the Chartered Professional Accountants of Canada (CPA Canada) shows, a sign of the squeeze the resale market is facing.

The poll released Tuesday morning found 55 per cent of homeowners have no intent to move.

The data indicates a stuck market, said David-Alexandre Brassard, the chief economist of Toronto-headquartered CPA Canada, in an interview with RENX Homes. It is contributing to a slowdown of overall housing activity, he said, particularly on the resale side.

“It means that probably you might stay longer in your starter home. And who knows, maybe your starter home becomes your forever home if housing affordability remains how it is.”

The online survey conducted by Leger asked 1,525 adults across Canada from March 20 to 22. Of the respondents, 58 per cent reported being homeowners who paid or are paying off their mortgage.

More senior Canadians holding to their homes

Older Canadians were likelier to say they have no plans to move. Over seven-in-10 Canadians (72 per cent) over the age of 55 said they plan to stay put.

Conversely, 27 per cent of homeowners aged 18 to 34 plan to stay in their current home and 44 per cent of those aged 35 to 44.

Research from the Canada Mortgage And Housing Corporation on how senior households are impacting Canada's housing markets suggests older Canadians are losing their desire to sell their homes compared to the past, adding to the supply pressure.

A 2023 paper from the Crown corporation found the sell rate for households aged 75 and older has decreased by approximately six percentage points since the early 1990s, a signal more older Canadians are holding on to their homes than before.

While it did not attribute a reluctance to move as a contributing factor, TD Bank found existing home sales declined 1.3 per cent from January to February.

The decision to see housing as an investment has “hit its peak in the last few years” and declined, Brassard said, contributing to homeowners staying for longer in their homes.

Canadians down on homeownership hopes

Another notable finding in the CPA Canada survey is the pessimism about the prospects of owning a home.

Under half (46 per cent) of those surveyed agreed “Homeownership is becoming increasingly difficult to achieve.” Approximately a quarter believe “Real estate in Canada is significantly overpriced.”

Eleven per cent said it is becoming harder to move up the housing ladder, and only three per cent believe homeownership is achievable for most people in Canada.

A plurality of non-homeowners aspire to buy a single-family home at 40 per cent, followed by a condo at 15 per cent, a townhome at 12 per cent and a multiunit property at 10 per cent. The remaining 24 per cent have no desire to buy a property.

The data shows “a disconnect between what we’re building and what people want,” Brassard said. Housing starts as of late favour multiunit and rental housing, yet Canadians are still gravitating toward detached housing.

How Canadians are paying for their home

When respondents were asked questions about how they are paying for or paid for their dwelling, the answers did not come as a surprise to Brassard.

Over six-in-10 Canadians are sharing their housing costs with a partner or spouse, family members or roommates.

Half of homeowners paid for the down payment on their first home with personal savings from employment income; 15 per cent from investments or other personal assets; 11 per cent with a gift.

A little over 40 per cent of homeowners reported not receiving any financial support to buy their first home, a figure that was highest in Alberta at 61 per cent of respondents.

Of the homeowners who plan to move, 61 per cent voiced concern about obstacles such as high housing costs or waiting for better market conditions.