Canadian homebuyers still happy with pandemic home purchases, survey reveals
With the real estate market slowing down, Andrea Rozenberg, who bought her False Creek condo during the pandemic, says she has no regrets.
"I'm super happy because we just got in the right moment," she said.
And she's not the only homeowner who feels this way.
According to a recent Zolo survey, 84 per cent of Canadians who bought a home during the pandemic are still happy with their purchase today.
The poll also revealed that 63 per cent of Canadians say they would still be happy in their home even if the real estate market dropped significantly.
"To me, that just says that for many Canadians, their home is an emotional purchase first and investment opportunity second," said Zolo spokesperson Jordann Kaye.
As for the top reasons to buy a home during the pandemic, Canadians say it was the need for more space, being tired of renting and feeling that it was a good investment opportunity, according to the survey.
"Canadians were okay with paying higher prices in order to get that sense of security, especially during the pandemic when there were so many things we weren't sure about," Kaye said.
Rozenberg said she doesn't mind seeing the housing market cool down.
"You need to live somewhere, so you're going to pay either rent or you pay your own," she said.
But why are less people selling and buying?
Mortgage broker Simon Bilodeau said it's because of the interest rate hikes which increased the cost of mortgages.
He said the real estate market has now shifted from a seller's market to a buyer's market.
"We were selling houses in literally hours. You were putting something on the market. Two to three hours later, you could have accepted an offer already. That's what we call a seller's market," he said.
"Right now, what we have is called a buyer's market. Basically the buyer has more control because there's a sufficient amount of supply of houses for sale for the number of people trying to buy the property."
He said this shift now allows buyers to put conditions in, such as financing, inspection and price negotiation.
According to the latest report by the Canadian Real Estate Association, national home sales are down by 24 per cent from this time last year.
In British Columbia, the decrease is even more pronounced as home sales dropped by 40 per cent last month compared to August 2021, according to the B.C. Real Estate Association.
CTVNews.ca Top Stories
Canadian team told Trump's tariffs unavoidable in short term in surprise Mar-a-Lago meeting
During a surprise dinner at Mar-a-Lago, representatives of the federal government were told U.S. tariffs from the incoming Donald Trump administration cannot be avoided in the immediate term, two government sources tell CTV News.
Toronto man accused of posing as surgeon, performing cosmetic procedures on several women
A 29-year-old Toronto man has been charged after allegedly posing as a surgeon and providing cosmetic procedures on several women.
W5 Investigates 'I never took part in beheadings': Canadian ISIS sniper has warning about future of terror group
An admitted Canadian ISIS sniper held in one of northeast Syria’s highest-security prisons has issued a stark warning about the potential resurgence of the terror group.
Trump threatens 100% tariff on the BRIC bloc of nations if they act to undermine U.S. dollar
U.S. president-elect Donald Trump on Saturday threatened 100 per cent tariffs against a bloc of nine nations if they act to undermine the U.S. dollar.
'Disappointing': Toronto speed camera cut down less than 24 hours after being reinstalled
A Toronto speed camera notorious for issuing tens of thousands of tickets to drivers has been cut down again less than 24 hours after it was reinstalled.
Poilievre suggests Trudeau is too weak to engage with Trump, Ford won't go there
While federal Conservative Leader Pierre Poilievre has taken aim at Prime Minister Justin Trudeau this week, calling him too 'weak' to engage with U.S. president-elect Donald Trump, Ontario Premier Doug Ford declined to echo the characterization in an exclusive Canadian broadcast interview set to air this Sunday on CTV's Question Period.
Bruce the tiny Vancouver parrot lands internet fame with abstract art
Mononymous painter Bruce has carved a lucrative niche on social media with his abstract artworks, crafted entirely from the colourful juices of fruits.
Why this Toronto man ran so a giant stickman could dance
Colleagues would ask Duncan McCabe if he was training for a marathon, but, really, the 32-year-old accountant was committing multiple hours of his week, for 10 months, to stylistically run on the same few streets in Toronto's west end with absolutely no race in mind. It was all for the sake of creating a seconds-long animation of a dancing stickman for Strava.
Mont-Tremblant World Cup skiing races cancelled due to warm weather
Fans hoping to see the world's top woman skiers compete next week in Mont-Tremblant, Que., are out of luck after the PwC Tremblant World Cup was cancelled due to warm weather.