Canadians Want To Be Homeowners ASAP & A New Housing Report Explains Why

A new study revealed that Canadians want to be homeowners more than ever before and it's all because of COVID-19.

Mortgage Professionals Canada released their fifth housing report in the series Rapidly Evolving Expectations in the Housing Industry in which they surveyed 1,000 Canadians from January 14 to 25, 2021.

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Homeownership is the aspiration of an ever-greater percentage of non-owners. Paul Taylor, Mortgage Professionals Canada CEO 

The reports found that the number of Canadians who want to buy a home nearly quadrupled in the span of a few months.

Before the pandemic, only 7% of those surveyed wanted to be a homeowner.

The number rose to 14% during the first wave of the pandemic.

Today, 27% of Canadians say they want to purchase a home, according to the current survey.

Canadians would feel more confident if they owned their home because of the security it brings, according to the survey.

This is especially because "the lack of a clear COVID vaccine timetable further entrenches life at home and personal safety as defining priorities for Canadians."

Per the report, interest rates for homes are currently very low, but there is still more demand than supply.