As roughly one-in-five (17%) Canadians anticipate that their home will never again be worth what it was before interest rate increases in 2022, sellers are also preparing for a letdown.
Read more: Home-buying plans have reverted to pre-pandemic levels
Many Canadians are concerned about the ongoing economic uncertainty. Three out of ten (30%) Canadians think that a recession is already underway, while more than half (53%) think that one is likely to start.
With most Canadians (57%) stating they will spend less during the holiday season than they did last year, economic worries are already having an impact on consumer spending plans for the rest of 2022.
“The effects that the one-two punch of rising interest rates and recession worries are having on spending and real estate plans cannot be understated. The average Canadian is concerned about what lies ahead and is bracing for a recession by tightening up their spending and delaying major purchases,” Martha Vallance, Chief Operating Officer at Dye & Durham, said.
