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1/5 (20%) of respondents said they were likely to buy a house in the next two years. By contrast, 36% in 2021 and 19% in 2020.
More than half of respondents in Quebec (56%) said that as life returned to normal, the location of the house was more important than size. Only 21% of people said they were willing to sacrifice convenience to buy a bigger house. For renters, more than 1/4 (26%) now feel less pressure to buy compared to the peak of the epidemic.
Nearly 2/5 (38 per cent) of respondents in Quebec said rising house prices had become the biggest pressure; 45 per cent said they might need to buy a house far away from family and friends. Nearly 1/4 (23%) said they have or need to live with their parents to save enough money to buy a house because of rising house prices.
The study also found that more than 1/3 (36 per cent) of Quebec people plan to continue to reduce their spending after the pandemic so that they can use their savings to buy homes; 22 per cent believe that it will be difficult for them to afford to buy homes if they return to their pre-pandemic spending habits.
The Royal Bank of Canada survey also showed that 36 per cent of Quebec people plan to reduce spending to save money for property, while 22 per cent of respondents said they would find it difficult to afford property costs if their spending returned to pre-epidemic levels.
On the other hand, real estate prices in Canada are likely to fall, according to the world’s leading forecasters. The latest forecast from the Oxford Institute for Economics (Oxford Economics) shows that house prices will fall by 24% by mid-2024.
High interest rates and anti-speculative policies are expected to start causing house prices to fall this autumn. If these measures fail to correct the bubble and lead to a further rise in prices, a 40 per cent collapse and financial crisis are expected.
The agency believes that Canadian house prices will fall sharply, but not enough to go back to 2020. House prices will fall by 24% from this autumn and hit bottom by mid-2024.
House prices have risen by 50% since the central bank of Canada began to cut interest rates. Even with the adjustment, prices are expected to be 15% higher than before 2020.
The average housing price in Canada, the range of household affordability and the future price increase predicted by the Oxford economy.
After that, house prices will not rebound quickly. Supply is expected to exceed demand from 2025 to 2030 and will grow at an annual rate of less than 1 per cent over the next five years. People’s incomes can catch up with house prices and return to affordability by mid-2028.
This forecast is an ideal combination of falling prices and economic stagnation, minimizing the impact. If this happens, there will be no recession or serious economic drag.
Most of the price falls will not be noticed by homeowners. Lower housing prices are also expected to restore housing affordability.