Canadians are clinging to their dream of owning a home despite the economic conditions that are making it difficult to achieve.

About a third of Canadians plan to buy a home within the next two years, and 67 per cent have always dreamed of owning a home, according to a

new poll by Royal Bank of Canada. The survey also said about 80 per cent view a home purchase as one of the biggest financial milestones in their lives, and 62 per cent said homeownership is essential for their future.

“Canadians still aspire to homeownership and the perception of financial independence that comes with it,” Janet Boyle, senior vice-president of home equity finance at RBC, said in a release. “What’s changed is that many buyers’ mindsets have shifted from the fear of missing out to concern about making the right move at the right time.”

Canada’s housing market has slowed in recent months, with home sales in February falling 1.3 per cent year over year, while prices fell 4.8 per cent, according to

Canadian Real Estate Association data . Homes in Ontario and British Columbia experienced the steepest decline in prices — 7.9 per cent and 6.7 per cent month over month, respectively — as prospective homebuyers are waiting out price declines before entering the housing market.

Yet Canadians remain divided on the housing market despite the drop in prices. RBC said 33 per cent still view current housing conditions as a sellers’ market, compared to 27 per cent who consider it a buyers’ market.

Among Canadians looking to enter the housing market within the next two years, many will be first-time buyers, most of whom feel closer to achieving their goal and have saved up an average of $110,339 for their dream home, RBC said.

But first-time buyers have some hesitancy, with 66 per cent of them worrying it’s not the right time to buy, and 63 per cent worrying about making the wrong decision when it comes to buying.

Buyers looking for relief on the interest rate front may need to wait since

economists believe the Bank of Canada will hold interest rates at 2.25 per cent on Wednesday and markets are pricing in a hike at some point this year.

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As gas prices move inflation higher in Canada, the Bank of Canada is expected to hold its key interest rate at 2.25 per cent on Wednesday.

Economists believe the escalating conflict in the Middle East — the culprit of Canada’s dramatic spike in gas prices — will force the central bank to hold rates for longer, though interest rate hikes are priced in for sometime in the back half of 2026.

  • 9:45 a.m.: Bank of Canada interest rate decision
  • 2:00 p.m.: U.S. interest rate announcement
  • 2:30 p.m.: Press briefing from U.S. Federal Reserve Chair Jerome Powell
  • Saskatchewan releases provincial budget
  • Today’s Data: U.S. factory orders for January
  • Earnings: General Mills Inc., Macy’s Inc.
  • Garry Marr: Renting in Canada is better than it has been in years, but for how long?
  • Canada’s housing market stays ‘quiet’ in February as new listings decline
  • Canadians paying the least at the pump are complaining the most, poll says
  • Canada would do well to follow St. Patrick’s lead when it comes to taxation

    Read more here. The ongoing economic uncertainty can have many Canadians feeling the stress when it comes to the status of their current investments, but the best investment strategies have room for flexibility. The war in Iran may soon cause more than just gas prices to climb, so adjusting the monthly budget can help. Even just a few small changes can go a long way.

    Read more here.  Interested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on  one of the country’s most important sectors.

    Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).

    McLister on mortgages

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    Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.

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