Thursday, November 21, 2019

Canadians are becoming uncertain about homebuying

Canadians are becoming more undecided about their homebuying intentions, according to the latest study by Canada Mortgage and Housing Corporation (CMHC).

Overall, 42% of buyers this year said they felt concerned or were uncertain about the process of buying a home. This is a noticeable jump from the 37% of buyers who said the same in 2018.

Of those who expressed uncertainty, almost half said the triggers included unforeseen housing costs, living with home expenditures, and paying too much for a home.

Due to this uncertainty, 78% of buyers interacted with a real estate agent, up from the 61% who consulted a professional in 2018.

"There was a strong increase in buyers' perceptions of the value of working with a real estate agent," the study said.

In fact, the proportion of homebuyers who recognized the value of using an agent rose from 28% in 2018 to 35% this year.

"Some of the key reasons buyers highlighted for this trend were an appreciation for the advice they received from their agent and their agent's attentiveness to their specific needs," the study said.

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