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Data from the Royal Lepage’s latest first-time home buyer survey by Burson shows that 13% of Canadian adults are actively working to buy homes in the next two years, but only a small percentage of the group plans to buy in the next 12 months.
About 82% of them say they plan to make a purchase within 12 to 24 months.
Royal Lepage president and CEO Phil Soper said first-time home buyers want to enter the market as sure as possible.
“The low interest rate trend, and prices stabilize and even soften in some markets, bringing favorable conditions for long-awaited home ownership, especially in expensive cities like Toronto and Vancouver,” Soper said in a press release on Thursday.
“However, hesitation remains. For some, the ongoing economic uncertainty, especially the ongoing uncertainty in trade relations with the United States, prompts them to stick to it until there are signs of stability.”
Others chose to wait “hope to get a better deal,” he added.
“Because of the potential to further cut interest rates from Canadian banks this year, people who are not rushing to buy are taking a methodical approach – building their savings and deliberately planning to enter the market when they think the time is best for them,” he said.
Last week, Bank of Canada lowered its benchmark interest rate by a quarter to 2.5%, with three straight wins since March.
When asked about what stage of the procurement process they are in, about half of the respondents to the Royal Leprosy Survey said they were studying communities where they were able to afford to live or actively browse online lists.
Fewer than five, indicating that they are either looking at the listed homes or working with real estate agents.
To afford their first home, 60% of buyers said they are searching for more affordable areas, 40% are looking for homes than originally planned, and 39% are cutting additional spending to save money.
Just over half of the respondents said they would not receive any financial assistance in purchasing their first home, while 41% said they would.
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Canadian Affordable Bank First-time Home Buyer Trends Phil Soper Royal Lepage Sammy Hudes Surveys Canadian News
Last modified: September 25, 2025
