Despite the economic and market hurdles, numerous young Canadians are gearing up to initiate their journey into homeownership and step into the real estate arena for the first time. According to a survey, 85 percent of respondents are actively making significant financial strides towards purchasing their initial home, albeit grappling with financial apprehensions. The Bank of Montreal reports that 72 percent of those aspiring to buy a home intend to postpone their plans until borrowing expenses decrease.
This creates a situation where there is pent-up demand for buying homes, while housing supply is lagging behind. As interest rates fall, this dynamic ultimately drives up prices, presenting a catch-22 scenario for young Canadians.