The real estate market is plummeting. Monthly homebuyers activity has dropped by 29.3% in July 2022, while MLS Home Price Index (HPI) declined by 1.7% during the same time.
While the markets are slowing, a new Zolo survey of 1,183 Canadian homebuyers asked how they felt about their pandemic home purchase. The survey, Pandemic Buying, Not Panic Buying, revealed an unequivocal truth: Pandemic homebuyers do not regret their choices, in fact, most are very happy with their purchase.
Canadian Pandemic homebuyers love their homes despite looming economic slowdown
The last few months have been tough for homeowners, with the prices of properties falling, especially in Ontario. While a few feel threatened, many homebuyers have no regrets about their purchase decision. According to the survey, 84% of Canadians who bought during the pandemic are happy with their purchase today.
Homeowners who moved provinces are happy with their decision
Zolo’s survey found that:
- 91% of Canadians who purchased homes in a different province are happy with their homes
- 85% of homebuyers who relocated over 100 km from their previous residence are happy with their buying decisions
According to Nicole Victoria, an author and real estate agent, “finding a property you love takes more than just the price. Several things can influence a homebuyer’s decision.”
She and her family are among the people who took the initiative to move miles away from their previous home (from Ontario to Edmonton, Alberta). She says she loves the affordability and the different amenities in her new neighbourhood.
Pandemic buyers who made concessions during the buying process report satisfaction with their homes
According to the report:
- 58% of pandemic homebuyers who waived financing and inspections are happy with their home
- 84% of homebuyers who paid above list price don’t regret their purchase
- 63% of Canadians would still be happy in their home, even if the real estate market dropped significantly