Residential Market Commentary - Expectations remain positive
It appears Canadians’ enthusiasm and optimism about their homes and the housing market remain very resilient.
Part three of the “Rapidly Evolving Expectations in the Housing Market” report, being produced by Mortgage Professionals Canada, suggests 90% of homeowners are happy with their decision to buy, while just 2% regret their purchase decision.
Non-homeowners have seen a significant increase in optimism. The number who expect to buy in the near future has nearly tripled to 20%, from 7% at the beginning of the year.
It should be noted that the survey samples used for the report are narrow, focusing on just two groups: mortgage holders, and non-homeowners who are looking to buy within the next three years. Current conventional wisdom says purchases are being driven by low interest rates and the desire for larger and more functional living spaces.
These upbeat results come despite the resurgence of COVID-19 infections that started late last month. The survey period for the report was September 25 through October 8. (On Oct. 9 Ontario imposed another partial shutdown of its economy due to the rising number of new infections.)
The results appear to mirror generally positive feelings about employment and income. Even people who have seen their income diminish during the pandemic are upbeat. Forty percent of respondents in this group believe they will see improvement in the coming months. Among those who did not take hit to their income, 29% are optimistic about improvements. The majority, 58%, believe their situation will remain stable.
The fourth, and final, report is due in December.