Economic uncertainty is weighing heavily on potential homebuyers across Canada, according to a new RBC poll. The survey, released in June 2026, indicates that many Canadians are hesitant to enter the housing market due to concerns about the economy, despite some signs of softening prices.
GTA Market Shows Mixed Signals
In the Greater Toronto Area (GTA), home sales rose six per cent in May compared to the same month last year, while the average home price fell 4.6 per cent year-over-year. This mixed data reflects a market where lower prices are attracting some buyers, but broader economic fears are keeping many others on the sidelines.
RBC’s poll found that a significant proportion of respondents cited economic uncertainty as a key barrier to purchasing a home. The survey did not specify exact percentages but highlighted that affordability concerns remain top of mind for Canadians.
Broader Economic Context
The poll comes amid a backdrop of rising interest rates and inflation, which have squeezed household budgets. The Bank of Canada has maintained a cautious stance, with rates remaining elevated to combat persistent price pressures. According to Statistics Canada, grocery prices have surged, with tomato prices spiking 45 per cent, further straining consumer finances.
Additionally, a separate survey indicated that Canadians would consider relocating to more affordable cities, underscoring the housing affordability crisis. The RBC poll reinforces that economic jitters are compounding these challenges, delaying homeownership plans for many.
Regional Variations
While the GTA experienced a sales uptick, other regions face different dynamics. In Alberta, the government announced that 3.4 million residents will receive $100 next month as a cost-of-living relief measure. However, its impact on housing demand remains uncertain. Meanwhile, in Victoria, the Bay Centre mall has a new owner with plans to revitalize the downtown shopping hub, potentially influencing local real estate.
Expert Insights
According to RBC, the poll results suggest that potential buyers are adopting a wait-and-see approach. “Economic uncertainty is a major factor influencing homebuyer sentiment,” a spokesperson said. “While lower prices may attract some, many are prioritizing financial stability over homeownership in the current climate.”
The Canadian Real Estate Association has noted that national home sales have been volatile, with some markets seeing gains and others declines. The RBC poll adds a consumer perspective, highlighting that confidence remains fragile.
Implications for the Market
If economic uncertainty persists, the housing market may continue to see subdued activity, even with price adjustments. Policymakers and industry stakeholders are watching closely, as housing affordability remains a key issue for Canadians. The poll underscores the need for measures to address both economic stability and housing supply to restore buyer confidence.
