Buy now or wait? Canadians see no easy answer in housing market

Most Canadians say there is no perfect time to buy a home, according to a new RBC poll that points to the uncertainty still hanging over the housing market despite some improvement in affordability.

The survey found that 64% of Canadians agree “you can never really know when the right time is to buy a home,” while 73% said economic uncertainty is making it difficult to know when to act.

The results suggest many would-be buyers are still struggling to read the market after several years of sharp rate hikes, elevated home prices and uneven regional conditions. While lower borrowing costs have helped restore some purchasing power, homeownership remains stretched for many households.

RBC’s latest national affordability measure improved to 53% in the first quarter of 2026, its best level in four years. The measure tracks the share of a median household’s pre-tax income needed to cover ownership costs, meaning a lower reading points to improved affordability.

But RBC also cautioned that affordability gains are becoming weaker and less broadly felt across the country, with some markets still seeing ownership costs rise. “Further easing in affordability could get slimmer as price declines taper off, and interest rates have likely passed cyclical lows, limiting reductions in mortgage costs,” the bank said

Buyers see opportunity, but confidence remains weak

Among Canadians who intend to buy a home within the next two years, 45% said now is the right time to buy, compared with 27% of Canadians overall.

But that sense of opportunity is being tempered by uncertainty. Among prospective buyers, 75% said economic uncertainty is making them more cautious, while 72% called it the biggest challenge to buying a home.

The Bank of Canada has held its policy rate at 2.25% since December, including at its June decision, but borrowers continue to face mortgage rates well above the ultra-low levels seen earlier in the decade.

RBC’s poll also found that 78% of Canadians believe homeownership requires more sacrifices today than it did for previous generations, while just 28% said they feel confident making homebuying decisions in today’s market.

Other findings from the poll include:

• 58% of prospective buyers said lower home prices will allow them to buy their first or next home.
• 54% said lower interest rates will help them enter the market.
• 53% said there is only a small window to take advantage of lower prices before they rise again.
• 69% expect to delay major purchases, such as a car or renovations.
• 62% expect to postpone or scale back vacations.
• 60% said they need to completely overhaul their spending and saving habits.
• 53% said they may need to put some retirement savings toward buying a home.
• 40% of Canadians said they have the information they need to make smart homebuying decisions.

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Last modified: July 8, 2026