The biggest pressure point in Canada’s home-buying market is a combination of affordability and economic uncertainty, a new poll from RBC suggests. The report also found that most Canadians believe there is no such thing as a perfect time to buy a home. 

The findings, from a poll of Canadians on a variety of homeownership feelings and opinions, comes as the national housing market tangles with economic uncertainty, high construction costs, elevated real estate listings in many markets, and a glut of unsold condos in the Greater Toronto Area and Metro Vancouver. 

In the poll, 64 per cent of respondents said there is no perfect time to buy a home. The survey also found that Canadians are divided on whether this is a buyers' or seller's market, with 27 per cent of respondents seeing this as a buyer's market, and 36 per cent seeing current conditions as favourable to sellers. 

"The biggest takeaway for me is that Canadians are trying to make a big life and financial decision in a market that still feels uncertain, and that uncertainty looks different depending on who you talk to," RBC senior mortgage specialist Brad Evjen said in an email exchange with RENXHomes.

"Some people are still very cautious, and that makes sense," Evjen said. "Cost of living is high, people are thinking about job security, and rates and home prices are still top of mind. But at the same time, I’m also speaking with clients who do see opportunity right now. They may see a bit more choice in the market, or they’ve been waiting for prices or rates to move, and they’re wondering if this is the moment to get serious."

No such thing as perfect timing

Evjen agrees there is no such thing as a perfect time to buy a home that applies to everyone. 

"The right time is really when the numbers make sense for you and your family,” Evjen said. “That means understanding your cash flow, what you can comfortably afford, and how home ownership fits into your broader financial picture. Once you have that clarity, it becomes much easier to look at the market and make a decision based on value and advice, instead of pressure or guesswork."

The online poll surveyed 1,753 Canadians aged 18 to 64 this spring using Leger's Online Panel.

Four key trends emerged in the findings

1. Canadians are divided on the market and whether to act, but buyers, including first time purchasers, see an opportunity in current market conditions.
2. Prospective buyers see the window, but economic uncertainty is weighing on their decision to buy, with 67 per cent of respondents worried the economy will affect their home buying plans.
3. Trade-offs are surging as cost of living limits savings among buyers, resulting in more postponed vacations and increased borrowing from retirement savings to help buy a home.
4. Nearly half of Canadians don't feel confident making big decisions such as mortgage renewals, and are in need of expert guidance and support.

Cautiousness is the main driver 

"The poll shows that people who intend to buy in the next two years are more likely to see this as a window of opportunity," Evjen said. "Among that group, 45 per cent say now is the right time to buy, compared with 27 per cent of Canadians overall. Many are also looking at lower home prices or interest rates and thinking this could help them buy their first or next home."

But many people remain cautious, Evjen said. "I see that in conversations with clients too. They may want to move, but they also want to make sure they are not stretching themselves too far."

This year, we may see more activity from people who have been waiting on the sidelines, but it will be very personal, Evjen said. "The buyers who feel most prepared are usually the ones who have done the work ahead of time. They know their budget, they understand their options, and they have a plan if rates, prices or their own circumstances change."

Where are prices and interest rates headed?

Evjen said many prospective homebuyers ask for definitive answers on whether home prices will go down and whether interest rates will move up or down. 

"Those are fair questions, but the truth is you can’t build your whole decision around trying to time the market perfectly," he said. "The more important question is, can I afford this home comfortably, and does it fit with my life?"

Good advice to be sure, but old habits die hard so; are prices going up or down? 

According to the RBC findings, 58 per cent of the respondents (nationally) believed housing prices would be moving up this year.