Amid record-high prices, an increasing number of Canadians are putting their plans to buy a home on hold, according to a new survey by Scotiabank.

John Webster, Head of Real Estate and Secured Lending at Scotiabank, said: "It is no surprise that a perfect storm consisting of rising living costs, a housing supply shortage, and increased demand has made Canadians feel that homeownership is out of reach." in a press release.

The 2022 Scotiabank Housing Survey, released Monday, announced that 43 percent of Canadians have put their plans to buy a home on hold, compared to 33 percent in 2021, and 20 percent in 2020.

Younger Canadians seem to feel worse about the housing market. According to the survey, 56 percent of respondents aged 18 to 34 said the current economic environment has pushed them to stop their home-buying plans, while 62 percent said they are waiting for prices to drop before buying.

There are no signs that prices will decrease anytime soon. The latest data from the Canadian Real Estate Association shows that the average home price in Canada has increased by more than 20 percent since last year, reaching a record high of $816,720 in February 2022. In the same month, the inflation rate in Canada rose to 5.7 percent, the highest level in 30 years.

The survey also showed that an increasing number of Canadians seem willing to move away from major cities for greater value for their money, with 35 percent of respondents in 2022 saying they are considering it, compared to 29 percent in 2021. These numbers rise to 49 percent for younger Canadians, and 39 percent for Ontarians.

For those staying put, 59 percent of respondents said they would choose to renovate their property instead of buying a new home, up from 56 percent in 2020.