Canada’s housing market is tilting in buyers’ favour due to falling interest rates , rising inventory levels and declining home prices , but many are still choosing to delay their purchases, according to a new report by

Royal LePage . The report said 13 per cent of the 2,500 residents surveyed across Canada are actively trying to buy their first home within the next two years, but 82 per cent are planning to hold off for at least another year.

Some are ahead of others in the purchasing process: 51 per cent are researching neighbourhoods where they can afford to live, 49 per cent are browsing online listings, 19 per cent are viewing homes listed for sale in person and 19 per cent have engaged with a real estate agent.

“Interest rates are trending lower and prices have stabilized or even softened in some markets, creating favourable conditions for long-awaited entry into homeownership, especially in costly cities like Toronto and Vancouver. Yet, hesitation remains,” Phil Soper, chief executive of Royal LePage,

said in a release . “Buying a home is the biggest financial decision most people will ever make, and first-time buyers naturally want to do so with as much certainty as possible.”

A separate Royal LePage survey of real estate agents said that despite more favourable market conditions, only 36 per cent reported an increase in first-time homebuyer activity this year, while a quarter reported no change.

“For some, ongoing economic uncertainty, particularly surrounding

trade relations with the United States , is prompting them to hold off until there are signs of stability,” Soper said. “Others are choosing to wait in hopes of securing a better deal. With the potential for further rate cuts from the

Bank of Canada this year, those in no rush to purchase now are taking a methodical approach — building up their savings and deliberately planning their entry into the market when they feel the timing is best for them.”

Despite the higher price tag, 49 per cent of first-time buyers are aspiring to buy a detached home compared to 26 per cent who intend to purchase a condominium or apartment.

“The dream of a first home often collides with budget reality. While most aspire to own a detached house, affordability often dictates a more modest starting point,” Soper said.

The typical budget for 55 per cent of first-time buyers, according to Royal LePage real estate agents, was between $500,000 and $750,000, while 19 per cent had a budget between $300,000 and $500,000.

But 41 per cent are relying on financial support to make their purchase, despite affordability improving in several markets over the past year. Amongst those individuals, 29 per cent expect a lump sum with no repayment expected, 28 per cent will have a family member or friend co-signing their mortgage loan, 27 per cent want a loan from family and friends that they will pay back and 26 per cent expect to receive financial assistance towards their monthly mortgage payments.

“Despite improving affordability , many first-time buyers continue to rely on family financial support,” Soper said. “For some buyers, financial contributions from family can make the decisive difference between becoming a homeowner and remaining a tenant.”

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Starbucks Corp.’s stock was down eight per cent this year as of Wednesday’s close, compared with a 13 per cent increase in the S&P 500 Index. One reason for the muted reaction could be that the company said during its last earnings call that cuts may be coming, according to Bloomberg Intelligence analyst Michael Halen.

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— Bloomberg The disability tax credit is a non-refundable tax credit that is intended to recognize the impact of various non-itemizable disability-related costs. For 2025 the value of the federal credit is $1,521 but add the provincial tax savings and the combined annual value can be up to $3,243, depending on the value of the provincial credit. However, not every disability qualifies and there are specific criteria depending on the type of disability.

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McLister on mortgages

Want to learn more about mortgages? Mortgage strategist Robert McLister’s

Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus, check out his

Financial Post on YouTube

mortgage rate page for Canada’s lowest national mortgage rates, updated daily. Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.

Today’s Posthaste was written by Noella Ovid with additional reporting from Financial Post staff, Canadian Press and Bloomberg.

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