A new survey from Re/Max Canada finds that 65% of Canadian Homebuyers are willing to make at least one compromise to afford a larger or more suitable property. Conducted by Leger between July 17 and July 19, with 1,532 Canadian adults participating, they found that 63% would relocate for a better fitting property. 47% said they would move up to an hour away from where they currently live.
The participants were also prepared to make financial trade offs. 41% would cut discretionary spending, such as travel and dining. 24% would extend their amortization, 17% would try and work more, and another 17% would delay retirement savings.
For mortgage borrowers, the demand for portable mortgage products could increase, especially as borrowers currently renewing may look for market opportunities with the falling home prices of since the early 2022 peak in many national markets.
Source: Re/Max Canada
