Posthaste: Most Canadians see themselves as future homeowners despite rising rates, home prices

Two-thirds of Canadians still see themselves as future homeowners despite a housing market that continues to be plagued by high interest rates and unaffordable prices, according to a new report by NerdWallet Canada.

Their top four reasons for buying a home are that it’s a good investment (34 per cent), having more space (21 per cent), ability to pass the property down to their children or future children (20 per cent) and having monthly housing payments go towards equity instead of rent (19 per cent). Other reasons include saving for retirement (16 per cent) and establishing roots (14 per cent).

“Canadians should feel optimistic about purchasing a home, especially if they’re proactive in getting their finances in order before getting started,” Shannon Terrell, personal finance expert at NerdWallet Canada, said in the report. “That’s not to say optimism alone will clinch your dream home, but believing you can succeed will keep you going — and making prudent financial decisions — if the market does say ‘no.’”