More Canadians worried about making the wrong homebuying decision, survey finds

“Many buyers’ mindsets have shifted from the fear of missing out to concern about making the right move at the right time,” said Janet Boyle, Senior Vice-President of Home Equity Finance at RBC, in a statement.

Affordability concerns and uncertainty shaping decisions

According to RBC, the survey highlights a shift in how Canadians are approaching homeownership. While interest in buying remains steady — with 32% saying they plan to purchase a home within the next two years — many are approaching the decision with more caution.

Among first-time buyers, for example, 66% say they are worried about whether it’s the right time to buy, while 63% say they are concerned about making the wrong decision. At the same time, 65% say they feel ready to buy but don’t believe their finances are in place.

Many expect that buying a home will require significant trade-offs. The RBC survey also found:

• 64% say they would need a second job or side hustle to afford a home
• 46% expect to live with their parents longer
• 42% say they would delay having children

There are also signs that mortgage knowledge remains a barrier. Nearly two-thirds of respondents said they don’t know how much they can afford or what is required for mortgage approval, while more than half said they don’t know where to start.

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Mortgage renewals adding to financial pressure

For current homeowners, attention is increasingly turning to mortgage renewals and the rising cost of ownership. According to the survey, 59% of homeowners say they are concerned about covering the ongoing costs of owning a home.

Uncertainty around mortgage decisions is also widespread. About 39% of homeowners say they are worried about making the wrong decision when renewing their mortgage, rising to 58% among those with renewals coming up in the next two years.

Some homeowners are taking advantage of recent rate changes to improve their financial position. The survey found 38% are using lower interest rates to pay down more of their principal, while 29% say they are paying off their mortgage faster than expected.

Still, many homeowners feel they are in need of guidance. Half of respondents indicated they would rely on professional advice to navigate the mortgage process.

"While you can't time the market, you can make educated decisions,” Brad Evjen, Senior Mortgage Specialist at RBC, said in a statement. “Considering cash flow, debt management strategies and future goals all factor into buying or owning a home, as well as having access to the right tools and expert advice.”

The findings suggest that while homeownership remains a long-term goal for many Canadians, the path to getting there — and staying there — has become more complex, with affordability concerns, financial trade-offs and uncertainty playing a larger role in decision-making.