Real estate news: buyers still happy with pandemic purchases
With the housing market down, Andrea Rozenberg, who bought her condo in False Creek during the pandemic, says she has no regrets.
“I’m super happy because we fell at the right time,” she said.
And she’s not the only owner feeling this.
According to a recent Zolo survey84% of Canadians who bought a home during the pandemic are still satisfied with their purchase today.
The poll also revealed that 63% of Canadians say they would still be happy in their home even if the housing market were to drop significantly.
“To me, that just means that for many Canadians, their home is an emotional purchase first and an investment opportunity second,” Zolo spokesman Jordann Kaye said.
As for the top reasons for buying a home during the pandemic, Canadians say it was the need for more space, fatigue with renting and feeling it was a good investment opportunity, according to the survey.
“Canadians were okay with paying higher prices 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.
“You have to live somewhere, so you’re either going to pay rent or pay your own,” she said.
But why are fewer people selling and buying?
Mortgage broker Simon Bilodeau says rising interest rates are driving up 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 within hours. You were putting something on the market. Two to three hours later you could have already accepted an offer. That’s what we call a seller’s market,” he said. declared.
“Right now what we have is called a buyer’s market. Basically the buyer has more control because there is enough supply of homes for sale for the number of people trying to buy the property. “
He said the change now allows buyers to set conditions, such as financing, inspection and price negotiation.
According to the latest report from the Canadian Real Estate Association, national home sales are down 24% compared to the same time last year.
In British Columbia, the decline is even more pronounced, with home sales falling 40% last month compared to August 2021, according to the BC Real Estate Association.