Semi-Annual State of the Housing Market Report
Canadians anxious about homebuying, unpredictable market and affordability: mortgage survey
Mortgage Professionals Canada is proud to release the Housing Market Report: 2022 Year-End Consumer Survey and Outlook. The Year-End Consumer Survey and Outlook report is commissioned by MPC from Oxford Economics, a world leader in global forecasting and quantitative analysis. The report utilizes data collected from an online survey of over 2,000 Canadians across the country, issued in December 2022 and tabulated by MPC partner firm, Bond Brand Loyalty.
Canada’s housing market has undergone a dramatic shift since the middle of 2022, with home prices down and interest rates up significantly. We see this across the economy with GDP growth at zero in the last quarter of 2022 and new mortgages down among the chartered banks. There is broad anticipation for how the Bank of Canada will consider this in its interest rate decision tomorrow.
That said Canadian homeownership demand remains strong. Close to 80 percent of respondents see real estate as a good long-term investment, virtually unchanged from previous surveys. The current market volatility underscores the value of speaking to a mortgage broker. A mortgage should be tailor-fit to meet the homebuyer where they are at and where they will be. It is fundamentally about the ability to pay.