A new survey suggests that despite high interest rates and an uncertain economy, confidence in real estate as an investment remains high among Canadians who live in large cities.
The new report was conducted by research firm Mustel Group for Sotheby's International Realty Canada and surveyed 2,000 Canadian adults between the ages of 18 and 77 in the Vancouver, Calgary, Toronto and Montreal Census Metropolitan Areas .
This despite the average price of a Toronto home declining nearly 18 per cent year-over-year in February to just under $1.1 million, according to the latest data from the Toronto Regional Real Estate Board. Back in February 2022 buyers were shelling out more than $1.3 million for the average Toronto home, prior to a series of interest rate hikes that pushed up the cost of borrowing.
The report also found that while 36 per cent of Millennials are more likely to buy a home in the next five years compared to before the pandemic and 28 per cent report no change in likelihood, some 31 per cent of Millennials are now less likely to purchase a home.
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