Toronto real estate has been a roller-coaster ride ever since the global pandemic arrived. The home sales and pricing situation in Toronto are unpredictable, with prices rising upwards and
25% of Young Canadians Bought Homes During the Pandemic
Dated: March 25 2021
COVID-19 reshaped the Canadian housing market, and its effects are far from over. A survey by Royal LePage supports that approximately 25% of Canadians aged 25-35 bought homes during the pandemic. This demographic of Canadians have fled the major cities, leading to a spike in rural real estate prices. Survey results show that more may do the same as the work from home trend continues.
Survey results found that a quarter of all Canadians between the ages of 25-35 bought a home during the pandemic. Twenty-five percent of participants had purchased their homes between March 15, 2020, and February 2021. The remaining 16% plan on buying within the next year and 14% within the next two years. The most significant segment of 25-35-year-olds (39%) plan on buying in two to five years.
For 2/3rds of Canadians between the ages of 25-35, remote work opportunities are a top priority. With work-from-home options on the rise, less than half of young Canadians want to live in cities. At a national level, 19% of 25-35-year-olds said working remotely was not essential or had jobs that didn't allow them to work from home. 8% of respondents reported they had no intent to buy a house, and another 8% were unsure of their current plans.
From the survey, the most surprising finding was that almost half of Canada's young adults want to live in small towns, and in some cases, the country. The Royal LePage survey provides much more clarity into current buying trends in the bustling Toronto housing market. Younger buyers finally deciding to buy their first properties, plus the need for distance and space with the opportunity to work from home, made buying in the pandemic accelerate in more rural areas.