First National Financial LP

Residential Market Commentary - Homeowners are shaking off COVID concerns

  • First National Financial LP

Mortgage Professionals Canada has launched a series of new surveys designed to gauge the sentiment of Canadians toward home ownership during the COVID-19 pandemic.

The survey will be run four times over 24 weeks.  It examines four main aspects of home ownership and home buying sentiment in Canada:

-       How Covid-19 has affected employment and incomes

-       Impacts on expectations about buying homes

-       Attitudes and expectations on topics related to housing markets and mortgages

-       Opinions about the mortgage deferral program.

The first results were released last week.  They suggest that more than half of current home owners (57%) do not feel that their employment situation has been severely impacted by COVID-19.  Many others expect any changes or impacts will be short-term.  The report also indicates that the “vast majority” (72%) of owners are comfortable with their current mortgage debt.  

“Overwhelmingly (90%) … they remain pleased with the decision to purchase a home,” says MPC in a release.

The survey shows an increase in expectations for home ownership in the near future: Among non-homeowners, 14% now expect to buy a home in the next year.  That is up from 7%; double what it was at the end of last year.  More current owners are also looking at buying a new or additional property.

"What we have seen clearly is that the vast majority of home owners are not feeling a long-term financial impact related to COVID-19, and that potential home buyers are still very much in the market for a home, signs of which are being seen in regions across the country," says Paul Taylor, President and CEO of MPC.