The Canadian Housing Market
The Canadian housing market continues to break records with home sales up 35.2%, compared to January 2019.
Mortgage Professionals Canada (MPC) reports a survey on the rapidly evolving expectations in the housing market and indicates the Canadian housing market will likely continue its upward trajectory.
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Mortgage Professionals Canada Survey Results
The MPC survey suggests that the pandemic has done little to deter people from buying a home. It shows that there is an increase in non-homeowners who intend to buy within the next 12 months. This number has risen from 7% at the end on 2019, to 27% at the end of January 2021. The desire to purchase among current homeowners rose from 7% to 10%.
Chief Economist Will Dunning of MPC states three contributing factors:
- The pandemic is fueling the desire to change living arrangements – be it a need for more space or the ability to work remotely
- Exponentially low interest rates allow for improved affordability despite large price increases
- And, to some extent, panic buying triggered by the “fear of missing out”
- Optimism about better personal finances also appears to be a factor
There are approximately 30% of people who have had a negative impact on their employment and financial situations. However, there are approximately 30% who are positive there will be improvements. Almost half of people expect little to no change with their situations. And approximately 10% of people are worried their situations could get worse.
Original Article – First National Financial