No regrets from Pandemic Home Buyers

News segments throughout the pandemic highlighted the financial challenges and uncertainty of the housing market. With skyrocketing home prices and bidding wars becoming the norm, it was challenging to find positive home-buying news. But, now that the dust is settling post-pandemic, is the reality of homeownership for those who broke into the market during this pandemic as bad as it seems?

With a recession looming, home prices have already declined significantly. However, a recent survey found that 63% of Canadians would still be happy in their home even if the real estate market dropped significantly. This is a positive sign for those who were able to enter the market during these challenging times.

Meanwhile, concerns that homebuyers who moved to different provinces are unhappy seem overblown – with 91% of those who moved to a new province happy with their home purchases today.

One year ago, waiving financing and inspection clauses were the norm as buyers rushed to secure a home. However, 58% of Canadians who used that tactic when buying their home are still happy with their home purchase today.

As for those who bought above the sale price to secure their home, 84% of those surveyed are still happy with their home purchase today. This suggests that despite the market's competitive nature during the pandemic, buyers were still able to find homes that met their needs and satisfied their wants rather than just being concerned about overpaying on the asking price.

The pandemic influenced what homebuyers want. In many cases, homebuyers found their current living situations weren’t suitable for pandemic living. 55% of homebuyers surveyed reported that the pandemic did influence their decision to buy a home. First-time home buyers were even more impacted by the pandemic, with 60% saying it affected their buying decision.

Some even made big moves they wouldn’t usually opt for, including moving out of the inner city for more spacious properties. Or to different provinces for a change of pace and more affordable options. Was there pandemic home buying regret? It turns out that 80% of Canadians who bought during the pandemic are happy they bought a home when they did. Another 84% of these buyers are still satisfied with their home purchase today.

With the dust settling in the real estate market and many Canadians having made significant real estate moves during the pandemic, it is reassuring to know that most people are happy with their decision rather than having lingering regret.