First-time homebuyers’ intentions have also increased, with eight per cent intending to make the leap within the next year, compared to four per cent who already purchased their first house this past year. The number of people planning to buy an investment property or vacation home is also up to eight per cent, compared to four per cent who’ve pulled the trigger in the last 12 months.

“As rates begin to hold — and eventually decline — we expect to see a significant upswing in areas like real estate transactions,” Martha Vallance, chief operating officer of Dye & Durham, said.

Still, high interest rates are squeezing Canadians’ wallets. Most people report having to spend more on groceries, gas and car and home insurance in the past year, and piggy banks are getting hit. More than half of those surveyed say they’ve had to quit allocating money to personal savings, while 45 per cent have abandoned emergency savings. Retirement savings are also being put on ice, with 35 per cent saying they’ve had to stop contributing to their registered retirement savings plans (RRSPs). Thirty-nine per cent also say they’re worse off financially this year than last.

“It’s clear that many Canadians have been feeling pinched by this high interest rate environment and have seen their purchasing power throttled over the past year,” Vallance said.

Florida has overtaken New York to become the second most-valuable United States housing market, according to a new study by Zillow.

The total value of U.S. housing rose more than US$2.6 trillion in the past year, Zillow said, defying predictions that higher borrowing costs would lead to a prolonged slump. Low levels of supply, enhanced by the lock-in effect — which has left current mortgage borrowers reluctant to give up their low-cost loans — have pushed nationwide prices to a new high.

The gains haven’t been evenly spread across the country. In California, which contains about one-fifth of the U.S. housing market, prices have declined since June 2022. But in Florida, the value of residential property has risen US$160 billion in that period — pushing the Sunshine State ahead of New York in the national rankings.