How Canadians are navigating the current housing market

Despite years of housing market uncertainty, home ownership continues to be an important aspiration. Most Canadians who are intending to buy their first or next home still have a number of concerns though, including uncertain market conditions and whether this is the best time to buy a home.

• 25% of Canadians say they intend to purchase their first or next home within the next five years, a figure that has remained largely unchanged compared with last year
• Among those planning to purchase, 70% agree that market conditions are so uncertain right now that they’re unsure of whether it’s a good time to buy a home

For prospective buyers, working with a CIBC advisor can help bring structure to that planning process. An advisor can help assess affordability, review mortgage options and connect your home purchase to your broader financial goals. For added convenience, get a personalized estimate before you start your search with our pre-qualification tool Opens a new window..

Among Canadians who plan to buy a home in the near future, the path to home ownership can feel complicated. According to poll results, many prospective first-time buyers are looking for more clarity about the full costs of purchasing a home.

• 72% of first-time buyers say they have trouble figuring out where to start in the home-buying process
• 88% of non-home owners planning to buy within the next 2 years say they need a better understanding of additional costs associated with buying a home

These challenges highlight the value of guidance. Talking with a financial advisor can help prospective buyers understand the steps involved in purchasing a home, evaluate different mortgage options and build a plan that supports their financial situation.

For Canadians who already own homes, mortgage payments remain a key financial consideration. Mortgage holders continue to watch economic factors closely. Mortgage renewals are also top of mind.

• Fewer mortgage holders are worried about inflation (87%) and interest rates (76%) than last year, but concerns about the current state of the economy (87%) have stayed about the same
• 48% of mortgage holders who expect to renew within the next 2 years think that their rate will be higher on their next renewal, despite the significant reductions in interest rates in recent years

Working with a CIBC advisor can help home owners evaluate their options and feel more confident about what’s ahead. Renewal isn’t just about rates — it’s a valuable opportunity to review your overall financial picture and make sure your mortgage still fits your needs.

If your mortgage is coming up for renewal, check out our switch tool Opens a new window.. You can get a quick estimate, access special rates, and explore customizing options like amortization and payment frequency to see how your payments might look.

According to the poll, renters’ overall situations have remained relatively stable in terms of how long they have lived in their current homes and their likelihood of moving. There are signs that renter sentiment may be improving.

However, affordability remains a key concern. Many renters say they worry that rental costs will continue to increase and that finding an affordable unit could become more difficult.

• 25% of renters say they are very satisfied, as opposed to only 20% in 2025
• 51% of renters worry about finding an affordable rental unit
• 54% of renters are concerned the cost of rent will continue to get higher due to causes such as annual increases or moving

For renters, financial planning can help bring greater clarity and a sense of stability to day-to-day finances. An advisor can help with cash flow planning, building an emergency fund, and creating saving strategies that may also support future home ownership goals.

Housing decisions also come with financial risks that many Canadians may not fully address. A significant number of home owners don’t purchase mortgage protection insurance.

• 53% of mortgage holders do not have mortgage protection insurance
• The main reasons Canadians say they don’t have mortgage protection insurance are the cost is too high (38%), the coverage isn’t worth the money (21%), it’s unnecessary (20%), or they’re covered by another type of insurance (18%)

Insurance helps protect households from unexpected financial shocks such as illness, or job loss. Discussing these considerations with an advisor can help home owners see how creditor insurance can help protect their mortgage, support their overall financial goals and provide added peace of mind.

While Canadians remain cautious about the housing market, home ownership continues to be a long-term priority for many. Whether you’re buying your first home, renewing a mortgage, or planning your next move, having the right information and advice can make your decisions clearer and more confident. With trusted tools and expert advice, you can balance your priorities and build a financial plan for today and the future.

We’re here to help you every step of the way in your home ownership journey.

• Explore resources about buying your first home
• Get a personalized estimate of how much you can afford Opens a new window.
• If your mortgage is coming up for renewal, get an estimate and compare options within minutes to switch to CIBC Opens a new window.

A CIBC advisor can offer tailored advice and create a personalized plan that fits your goals. Book a meeting Opens a new window.