• High prices, rising interest rates and an uncertain economic outlook are causing many would-be homebuyers to postpone their plans to purchase a house.

    Nearly half (43%) of those polled in a recent Scotiabank survey said they are putting their home purchase plans on hold, an increase from 22% in 2021 and 20% in 2020.

    Half of those aged 18 to 34 said rising interest rates are causing them to reevaluate their purchase plans.

    “It’s no surprise that a perfect storm made up of the rising cost of living, housing supply shortages, and increased demand has caused Canadians to feel like homeownership is out of reach,” John Webster, Head of Real Estate and Secured Lending at Scotiabank, said in a release. “It’s important that Canadians know that they’re not alone. Many others are going through the same thing, and it’s why more people are looking for sound advice from a trusted source.”

    When it comes to general economic concerns, over 80% of Canadians say the rising cost of goods and services—AKA inflation—is more of a concern than rising interest rates. In February, headline inflation came in at a 30-year high of 5.7%

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