Canada Home Buying Market Report 2023
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“Although recent rates hikes have stressed many mortgage owners, the long-term outlook for housing remains strong. But a market correction is taking place as overheated housing markets cool down in the face of higher interest rates. This price softening is a positive outcome as it represents a shift to more accurate home valuations and helps first-time buyers.”
– Sanjay Sharma, Senior Financial Services Analyst
Some specific points from this Report include:
- Some 93% of homeowners agree a home is the most important purchase they will ever make.
- Over three quarters (78%) of consumers would prefer to get a mortgage from their primary bank/credit union.
- Six in 10 homeowners (59%) conducted the majority of their home search online.
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Overview
- What you need to know
- Key issues covered in this Report
- What you need to know
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Executive Summary
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- Top takeaways
- Market overview
- Outlook on home buying
- Figure 1: Outlook for home buying, 2023-28
- Opportunities
- Strong preference for obtaining mortgage from primary bank/credit union
- Mortgage brokers favoured by a majority of younger consumers
- Fair amount of interest in purchasing an income property
- Four in 10 homebuyers are motivated by pride of ownership
- Challenges
- Rising rates are a concern for many consumers
- Obtaining a mortgage for a mobile home can be a challenge
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Market Perspective
- New Canadians are a major spur to home buying
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- Figure 2: Distribution of foreign-born population by region of birth (projected), 1996-2036
- Canada’s population is ageing
- Figure 3: Percentageof 0-14s and over-65s in the Canadian population, 1988-2068*
- Impact of ageing population on type of housing
- Inflation is affecting the housing market in different ways
- Figure 4: Changes in Consumer Price Index, December 2019-December 2022
- Bank of Canada raises key interest rate to 4.5%
- Canada’s apartment shortage
- New Canadians are a major spur to home buying
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Competitive Developments
- Home sales, prices expected to fall in 2023 as Canadians struggle with rising borrowing costs
- Canada’s new foreign homebuyer ban begins this year
- Digital lender nesto raises 80m
- Home sales, prices expected to fall in 2023 as Canadians struggle with rising borrowing costs
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Marketing Campaigns
- RE/MAX uses vox pop to educate buyers
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- Figure 5: RE/MAX Street Smarts (Videos 1-5), October 2022
- HomeEquity and the Legion deliver remembrance again
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- Figure 6: Letters Home by HomeEquity Bank | The Legion, November 2022
- RE/MAX uses vox pop to educate buyers
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Home Buying: Fast Facts
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Home Buying Overview
- A fifth of Canadians have bought a home in the past five years
- Figure 7: Home buying status and intention, 2022
- Half of 35-44s have a mortgage
- Figure 8: Home buying status and intention, by age, 2022
- Higher income earners strongly over-index in home buying activity
- Figure 9: Home buying status and intention, by household income, 2022
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- Figure 10: Home buying status and intention, Chinese and South Asian consumers vs overall, 2022
- Majority of home purchase decisions are shared
- Figure 11: Home purchase involvement, by age and gender, 2022
- Roughly even split between first-time and non-first-time homebuyers
- Figure 12: First-time vs experienced home buyers, by age, 2022
- A fifth of Canadians have bought a home in the past five years
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Home Purchase Considerations
- Three quarters of homeowners considered previously owned homes
- Figure 13: Type of home considered by homeowners, 2022
- Higher-income earners and men more likely to prefer new homes
- Half of non-owners would consider a single-family home
- Figure 14: Type of home considered by non-owners, 2022
- Obtaining a mortgage for a mobile home can be a challenge
- Younger consumers have stronger preferences
- Figure 15: Type of home considered by non-owners, by age, 2022
- Three quarters of homeowners considered previously owned homes
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Home Buying Motivation & Activity
- Four in 10 homebuyers are motivated by pride of ownership
- Figure 16: Reasons for home purchase, 2022
- Space (more/less) is a stronger reason for 18-54s
- Neighbourhood/city change is a driver for one in four homeowners
- Proximity to work/family is more of a factor for younger buyers
- Figure 17: Reasons for home purchase, by age, 2022
- Relationship change drives one in 10 buyers
- Recently starting a family influences one in five 18-34s
- Fair amount of interest in purchasing an income property
- Figure 18: Home buying and selling attitudes and behaviours (% agree), 2022
- Younger consumers are more active real estate participants
- Figure 19: Home buying and selling attitudes and behaviours (% agree), by age, 2022
- Four in 10 homebuyers are motivated by pride of ownership
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Recent Home Financing Activities
- One in five consumers started saving for down payment and researched home financing options
- Figure 20: Recent home financing activities, 2022
- One in four mortgage holders have refinanced
- Figure 21: Capital Direct desktop display ad, 2022
- One in six have switched from variable to fixed-rate mortgage
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- Figure 22: Meridian Credit Union Facebook ad, 2023
- Age influences home financing preparation activities
- Figure 23: Recent home financing activities (select), by age, 2022
- One in 10 consumers were pre-approved for a future mortgage
- Figure 24: RBC Facebook ad, 2023
- COVID-19 fuelled a shift away from large urban areas
- One in five consumers started saving for down payment and researched home financing options
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Mortgage Preferences
- Strong preference for obtaining mortgage from primary bank/credit union
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- Figure 25: “I would prefer to get a mortgage from my primary bank/credit union” (% agree), by age, 2022
- Mortgage brokers favoured by a majority of younger consumers
- Figure 26: “Mortgage brokers offer better mortgage rates compared to direct lenders” (% agree), by age, 2022
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- Figure 27: True North Mortgage Brokerage Facebook ad, January 2023
- Many Canadians agree that having a mortgage hampers their lifestyle
- Figure 28: “Having a mortgage significantly hampers my lifestyle” (% agree), by age, 2022
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- Figure 29: Member surprise and delight, March 2022
- Figure 30: BMO Facebook ad, 2023
- Two in five consumers would borrow from a private lender
- Figure 31: “I would borrow from a private mortgage lender for financing a mortgage” (% agree), by age, 2022
- A third of consumers would prefer to obtain a mortgage online
- Figure 32: “I would prefer to obtain my mortgage online” (% agree), by age, 2022
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- Figure 33: Questrade Facebook ad, 2022
- Strong preference for obtaining mortgage from primary bank/credit union
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Mortgage Attitudes
- Rising rates are a concern for many consumers
- Figure 34: “I am worried about the impact of rising rates on my mortgage payments” (% agree), men vs women, 2022
- Monthly mortgage payments are stretching many younger consumers
- Figure 35: “My monthly mortgage payment is more than a third of my after-tax household income” (% agree), by age, 2022
- Six in 10 of 18-34s received down payment help from family
- Figure 36: “I received help from my family towards the down payment for my home” (% agree), by age, 2022
- Mortgage advisors are the preferred option for home financing advice
- Figure 37: Sources of mortgage information, 2022
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- Figure 38: TD Bank Facebook ad, 2022
- 18-34s more likely to go to family
- Figure 39: Sources of mortgage information (select), by age, 2022
- Rising rates are a concern for many consumers
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Home Buying Attitudes
- Nine in 10 consider home purchase as the most important decision of their life
- Figure 40: “A home is the most important purchase I will ever make” (% agree), by age, 2022
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- Figure 41: Desjardins mobile display, 2023
- Most prefer to buy a home requiring only minor renovations
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- Figure 42: “I would prefer to purchase a home that requires only minor renovations” (% agree), men vs women, 2022
- Four in five 18-34s conducted majority of their home search online
- Figure 43: “I conducted the majority of my home search online” (% agree), by age, 2022
- Younger home owners more likely to feel the burden of responsibility
- Figure 44: “Owning a home is too much responsibility” (% agree), by age, 2022
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- Figure 45: TD Facebook ad, 2022
- Nine in 10 consider home purchase as the most important decision of their life
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Appendix – Data Sources and Abbreviations
- Data sources
- Consumer survey data
- Consumer qualitative research
- Abbreviations and terms
- Data sources
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