Most potential homebuyers in Canada worry about housing affordability in 2023

The latest poll by Leger for RE/MAX Canada shows that most Canadians worry about affordability considering buying or selling a property this year. At the same time, a third of people still feel quite optimistic about a more balanced real estate market in 2023.

According to the survey results, 59% of Canadians express at least one concern “related to buying or selling a home” this year.

The three main concerns were related to affordability issues. Cost of living and inflation hikes were the top concerns for 34% of respondents. Then go the lack of affordable units in their neighbourhood (25%) and the growing cost of rent (25%).

Nevertheless, 32% of Canadians feel optimistic about the real estate market moderating and returning to a more balanced state in 2023.

RE/MAX Canada president Christopher Alexander says we may see “significant shifts in how brokers run their business” this year, as the housing market moderates and the industry reacts to a slowing national economy.

“We may see certain consolidation as brokerages adjust to the economic slowdown. Part-time agents may have more difficulties with adapting, as they may not be able to meet the needs of Canadians, or their brokerages. Another important thing is that one-on-one meetings with clients will be more important than ever before,” – he noted.

Most respondents (66%) believe that solving the housing affordability issue and supply crisis should be a priority for Canadian governments.

“Our strong lack of supply in every town, city, and region affects almost every aspect of Canadians’ lives,” – says Elton Ash, executive vice-president at RE/MAX Canada.

Almost a quarter of respondents (22%) support new building developments aimed at addressing the issue of “the missing middle” in the real estate market.

The report shows that 41% of Canadians consider eliminating red tape around zoning and redevelopment to be a “key measure” for improving the housing supply.

According to 66% of respondents, the environment is “essential” for long-term quality of life, and they expect it to affect their future housing buying decision. The report revealed that plans to develop the protected Greenbelt in southern Ontario are an especially contentious topic.