Canadians facing housing affordability challenges are increasingly willing to rethink where they live, how they spend their money and even their long-term financial plans in pursuit of home ownership.
A survey released by Re/Max Canada found 65 per cent of respondents would make at least one compromise to afford a larger or more suitable home. Those compromises range from moving farther away from urban centres to purchasing older properties that may require significant renovations.
The findings arrive as many Ontario buyers, including those in communities north of the Greater Toronto Area such as Barrie and Simcoe County, continue to weigh housing costs against lifestyle considerations. The survey suggests Canadians remain committed to owning a home, even if getting there means adjusting their expectations.
“Rather than giving up on home ownership, Canadians are making different choices about how to get there. For some, that means looking outside their current community or reconsidering the type of home they buy," Don Kottick, president of Re/Max Canada, said.
"For others, it means making different financial choices. Buyers are identifying what matters most and where they have room to be flexible.”
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Many would relocate for the right home
According to the survey, 63 per cent of respondents said they would be willing to relocate for a home that better meets their needs.
Among those open to moving, 47 per cent said they would consider relocating up to an hour away from the community where they currently live.
The willingness to move comes as buyers increasingly search for more space or lower housing costs outside major urban centres.
Buyers gaining more time in some markets
Re/Max said the survey results coincide with a slowdown in Canada's housing market.
Data collected from the company's brokers and agents showed home sales declined year-over-year in 81 per cent of markets analyzed during the first half of the year. At the same time, average home prices increased in 56 per cent of those markets.
The company said slower sales and increased inventory in some areas are giving buyers more opportunities to compare properties and focus on their priorities before making a purchase.
“The market has not become easy for buyers, but in many regions, it is allowing for a more deliberate purchasing process,” said.
“That matters for people who are already rethinking location, property type or condition to make the numbers work. More time and choice can help buyers compare their options and understand where their budget goes further without feeling like they have to compromise.”
Re/Max also noted that buyer-friendly conditions are more common than expected this year. The company found 32 per cent of markets analyzed currently favour buyers, more than double the 15.2 per cent recorded a year earlier.
Financial sacrifices extend beyond housing choices
The survey found many Canadians are prepared to make lifestyle and financial trade-offs beyond the home itself.
Forty-one per cent said they would cut discretionary spending, including travel and dining out, to help afford a property.
Another 24 per cent would extend their mortgage amortization period, while 17 per cent would take on a second job or another source of income.
The same proportion, 17 per cent, said they would delay retirement or postpone other long-term savings plans to help make home ownership possible.
The online survey was conducted by Leger between July 17 and July 19 and gathered responses from 1,532 Canadian adults.
