Genworth Canada conducted a 2020 Homeownership & Financial Fitness Study that found before COVID-19, Canadian homeowners and prospective buyers were showing signs of strong financial fitness. Now, with social distancing and isolation in place, job layoffs, remote work, and other areas of life put on hold, Canadian financial fitness has declined.
But what does this mean? Well, according to the findings done by the largest private residential mortgage insurer in Canada, it doesn’t sound as bad as you think.
- Homeowners are consistently and significantly in better financial shape than non-owners.
- 42% of those who intend to buy their first home in the next two years are more likely to say their financial situation improved.
- There is a small increase in the proportion of non-owners expecting to buy a home in the next 2 years.
What stood out the most was a bold line stating that Covid-19 has not impacted people’s desire to own a home. It’s as simple as that. Not even a global health crisis can stop home buyers from perusing their dreams.
Canada’s market will continue to be tested for some time, just as we’ve seen lately. Home sales have decreased but more due to the low inventory of homes versus the demand for them. Time will tell if we will see more home building to support our ever-growing communities and country.
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Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8