Sold! It looks like the pandemic may be influencing young Canadians’ home buying.
Royal LePage Real Estate conducted a survey and found that nearly half of Canadians between the age of 25 and 35 actually own homes.
In the survey, 52% of Canadians said that being able to work from home "has increased their likelihood to move further from their current or future place of work."
The survey also found that 48% of Canadians aged 25 to 35 own their home right now and that 25% of those owners bought their home during the pandemic.
But that's not all — 84% of those who don't own their home say they have strong intentions of purchasing one day. In fact, 68% of Canadians said they plan to take that step in the next five years, and 16% said they plan to buy property within the coming year.
"The pandemic provided an unexpected prize for young Canadians — a path to home ownership," said Phil Soper, president and CEO of Royal LePage.
Soper explains that mortgage rates fell to "historically low levels" and that traditional renters, such as foreign students, new immigrants and short-term renters, were nowhere to be found due to border closures.
However, he explains that there is currently more demand than supply, with older homeowners being more reluctant to put their homes on the market during the pandemic. This "has contributed to a near-crisis shortage of listings in parts of the country."