Interest in home buying surges among Ontario renters amid pandemic: OREA

Preferences around home buying have continued to shift through the course of the pandemic, particularly among those who aren’t even on the property ladder yet.

A quarter of Ontario renters who are currently active in the real estate market are now more interested in buying a home than they were before the pandemic, according to new consumer data collected by Nanos Research. Conducted on behalf of the Ontario Real Estate Association (OREA) for their monthly Pulse Check on Consumer Attitudes report, the research highlights changing attitudes and preferences of prospective homeowners.

As a result of the COVID-19 pandemic, 25 percent of Ontario renters who are active in real estate have expressed that they are more interested in buying a home now, compared to just 13 percent of renters who said they are now less interested. About 54 percent of renters said that they are just as interested in purchasing now as they were pre-pandemic.

Millennials and those between the ages of 35 to 54 make up the bulk of the interested buyer pool, with 62 percent and 59 percent of those age groups currently looking in the market. More renters are also actively seeking real estate in contrast to current homeowners — 63 percent of renters are searching for a home to purchase compared to 47 percent of homeowners surveyed.

“Despite the uncertainty stemming from the pandemic, housing remains a strong sector of our province’s economy, with the Canadian Dream of home ownership continuing to be a strong value for many Ontarians,” said OREA President Sean Morrison in the consumer report. “As we look ahead and move towards economic recovery in a post-COVID era, we can expect even more interest as renters and first-time home buyers look to enter the market.”

With many Ontarians locked down at home over these recent months with time to reassess their needs, it’s not uncommon for homebuyers to consider moving outside of the city in search of extra space. Three in five of those who are active in the real estate market said that living in rural areas is now more appealing to them than it was pre-pandemic, according to the survey. Similarly, three in five of those surveyed now find suburban living more attractive too.

Last week, in-person open houses were permitted to run once again throughout the majority of Ontario’s public health regions. About eight in ten active Ontarians in the market have expressed that they are comfortable or somewhat comfortable attending an in-person private showing. Sixty-six percent of those active have also reported that they would be comfortable or somewhat comfortable attending an open house with other buyers present.