Most Canadians who do not own a home have no plans to buy one in the coming year, and a new survey identifies affordability — not fear of economic turmoil — as the dominant force keeping them out of the market.
The findings, published in June by NerdWallet Canada and conducted by Angus Reid, surveyed 1,501 adults between May 26 and 29, 2026. Among non-homeowners, 55% said they had no interest in buying a home in the next 12 months, and only 6% planned to purchase a first home over that period.
The survey pinned the reluctance on present-day costs rather than future risk. Nearly a quarter of respondents (23%) said living costs that were too high or unpredictable were preventing them from moving, followed by an inability to afford a down payment (18%). Other frequently cited obstacles included competing financial priorities (17%), waiting for prices to fall (16%) and mortgage rates being too high (15%). By contrast, unease over the US trade dispute (6%) and job-security worries (8%) ranked far lower.
That reading aligns with independent institutional data. Canada Mortgage and Housing Corp. projects the economy to grow just 0.7% in 2026, one of the weakest years in recent decades outside a recession. The agency attributes softening prices to a large resale inventory, persistent affordability challenges and weak sales, and warns that a mild recession cannot be ruled out if business investment falters.
Sentiment sours as prices stay elevated
Negative views of the market were widespread. Almost nine in 10 respondents (88%) agreed that homes in Canada are overpriced, and 69% said the market is unfair to first-time buyers. A further 68% said the market is too focused on housing as an investment. Just 14% said the market is functioning the way it should.
A generational split ran through the data. Among those aged 18 to 34, 63% agreed that homeownership feels out of reach, roughly double the 31% recorded among respondents 55 and older. Agreement that homes are overpriced was also higher among younger respondents, at 92%, compared with 82% of those 55 and older.
The affordability squeeze persists even as prices ease. The Canadian Real Estate Association (CREA) reported its benchmark price index fell 4.1% year-over-year in May 2026, yet the national average sale price still edged up 1.5% over the same period, leaving ownership beyond reach for many.
Buyers wait as spring market recovers
The survey found demand simmering rather than dead: 35% of non-homeowners said they wanted to buy but would likely keep renting (28%) or living with relatives (7%). Interest was lowest among non-owning women, 62% of whom reported no plans to buy, compared with 47% of non-owning men.
Recent market data suggests some of that demand is beginning to move. CREA reported that home sales rose 5.5% month-over-month in May 2026, and the national sales-to-new-listings ratio tightened to 49.2% from 46.2% in April. CREA chair Garry Bhaura tied the shift to seasonal timing.
"The spring market appears to have been delayed by a month or so," Bhaura said.
The report also gauged views on the industry's intermediaries. Fewer than one in five respondents (18%) said real estate agents provide a lot of value during the buying process, while 41% said they bring some value and only 6% said they provide none.
CMP
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