COVID-19 pandemic has altered Canadians' home searching habits

Confidence in the Canadian housing market remains robust, however

COVID-19 pandemic has altered Canadians' home searching habits

One in five Canadians will begin looking for new homes again only after the COVID-19 crisis is over, a recent survey has found.

The poll conducted by online real estate portal Point2 Homes on 5,000 users also revealed that 44% of Canadians are still confident in the housing market despite the global COVID-19 outbreak. However, 29% admitted that they are bracing themselves for noticeable delays in every step of the home purchasing process.

Around 31% of respondents are planning to buy homes within the next six months, while 26% will be doing so in the next year. Meanwhile, 24% stated that they are actively looking for cheaper homes amid the pandemic, and 48% said that they will be evaluating their designated homes through online images and virtual tours.

An earlier Point2 Homes study found that interest in buying homes across Canada has significantly waned over the past few weeks.

“The outbreak has shattered seasonality, transforming the spring months, which was normally the time when the housing market was starting to pick up speed, into a period of anxious down time,” Point2 Homes stated in the mid-March analysis.

“Much of the activity associated with homebuying and home selling is simply on hold, as people and institutions alike are trying to see where the pandemic is headed.”