Homeownership can provide a sense of security and stability, and a new survey shows that the majority of Canadians are willing to endure financial strain for a place to call their own.
The survey, conducted by Zolo, gathered insights from 800 respondents and sheds light on the challenges and emotions faced by Canadians who bought between 2020 and 2023. While home prices have stabilized in recent months, it has been a rollercoaster ride of fluctuations, from a national monthly benchmark price of $534,000 in April 2020 to $837,000 in February 2022 to around $758,000 in August.
One of the standout findings from the survey is that a staggering 93 per cent of respondents indicated that the competitive real estate market and rising interest rates had influenced their decision to buy a home. Another 43 per cent of buyers said that because home prices were rising, they wanted to break into the market before homes became even more unaffordable.
Source: Zolo
In addition to housing prices, inflation has added to the financial stress of homeowners. In June 2022, inflation reached an alarming 8.1 per cent, making essentials such as gas and groceries unaffordable. Currently, 30 per cent of Canadian homeowners report feeling financially tight, managing their basic needs with little room for extras; 10 per cent said they were struggling and unable to meet basic needs.
Source: Zolo
According to the survey data, most homeowners’ mortgages are up for renewal in two to three years, and many Canadians are concerned about their ability to afford renewals. While only 3.0 per cent stated they “never worry” about renewal costs, a significant 20 per cent expressed constant worry, marking a 9.0 per cent increase from the previous year.
Source: Zolo
According to the survey data, most homeowners’ mortgages are up for renewal in two to three years, and many Canadians are concerned about their ability to afford renewals. While only 3.0 per cent stated they “never worry” about renewal costs, a significant 20 per cent expressed constant worry, marking a 9.0 per cent increase from the previous year.
Find Zolo’s 2023 Homebuyer Sentiment Survey here.
Maybe you should start thinking about who you are surveying….it looks like you surveyed people right on the cusp of being able to BUY and home. If YOU think about it, if someone buys a house / home, at least they are not flushing their money down the toilet as people who rent forever are doing
This is an incredibly ignorant statement. Not everyone can afford to buy a home. Not everyone has the luxury of the bank and mom and dad to hand out a downpayment. SO many hardworking people make a decent income, but due to the general cost of living don’t qualify for mortgages at insane rates, and sky high prices. Check your privilege. People need a place to call home whether that is buying OR renting.