March 16, 2022Pandemic Deepens Canadians’ Emotional Connection To “Home” Despite Rising House Prices
Toronto, ON, March 16, 2022 – Canadians’ emotional connection to their homes grew deeper over two years of pandemic lockdowns. Despite soaring prices and limited supply, the drive to own residential property has intensified since 2020, along with an enhanced appreciation of the importance and emotional benefits of home. This includes younger Canadians learning more about the real estate market in terms of investment potential, according to a new Ipsos poll conducted on behalf of Peerage Realty Partners.
The national survey, conducted between March 1 and March 2 – coinciding with the anniversary of the initial March 2020 lockdowns – found that a clear majority (75%) of Canadians agree their home has become more important to them because of the COVID-19 pandemic and 65% stated they felt a stronger emotional connection to their home, cutting across lines of age and gender.
When it comes to deciding where to live, the costs of maintaining a home are eclipsed by such considerations as its comfort and a safe community. Among Canadians who have moved since March 2020, the most important factors when choosing a new home include having a new/fresh start in a new place (40%), having control over one’s home (39%), having outdoor or green space on their property (36%), and living in a neighbourhood that suits their lifestyle (34%).
That said, finding a home during the pandemic has not been without its challenges. Eight in ten (81%) respondents believe there is a severe housing shortage in Canada, a sentiment held most strongly among renters (87% vs. 77% of homeowners) and those in British Columbia (89%) and Quebec (88%).
“More than ever before, the emotional factors that drive home ownership are fuelling demand across Canada. In this competitive market it confirms the value of trusted advice from an experienced agent when buying or selling a home,” said Gavin Swartzman, CEO of Peerage Realty Partners. “We have brokers and agents across Canada, and we are seeing the power of these feelings about home.”
Emotional connection and long-term investment intersect even more as Canadians adapt to the socio-economic shifts resulting from the pandemic. Just under half (48%) of Canadians agree that they have become more knowledgeable about the real estate market in Canada during the COVID-19 pandemic, and 41% say they are more likely to see purchasing a home as a capital investment because of the pandemic.
“We recently partnered with Ourboro, a company that specializes in helping first-time homebuyers through a co-ownership model,” said Trevor Maunder, CEO of Peerage Capital. “Demand and supply are fundamentally unbalanced, and we understand the emotional and financial impetus to literally get a foot in the door.”
Notably, those ages 18-34 are significantly more likely than Canadians over 35 to agree that they have become more knowledgeable about the real estate market (59% vs. 48% 35-54 and 40% 55+). They are also now more likely to see investment opportunity in the real estate market (57% vs. 44% 35-54 and 27% 55+). This highlights the impact the pandemic has had in broadening younger generations’ understanding of the market and perceptions of investment opportunities in the lead up to their peak home-buying years.
ABOUT PEERAGE REALTY PARTNERS
Peerage Realty Partners is a leading residential real estate services firm, serving premium markets across North America.
In Canada, Peerage Realty brokerage partners include Sotheby’s International Realty Canada, Chestnut Park Real Estate, Baker Real Estate, Baker West, Fifth Avenue Real Estate Marketing, Street City, franchisees, and renowned independent firms in both re-sale residential real estate brokerage, and new construction marketing.
Peerage Realty core service activities include real estate financing, transaction services, asset management, and home improvement for purpose-built rental properties. Peerage Realty has the unique benefit of being a privately-owned enterprise that is positioned to commit to long-term partnerships and investments.
Peerage Realty is projected to sell over $50 billion in 2022 through its partner firms. It has over 5,800 best-in-class sales representatives and employees across Canada and the United States. To support growth and expansion among partners, Peerage Realty consistently provides strategic input, capital, technology, operational expertise, marketing, communications, and value-added products and services that differentiate and strengthen its partner firms in competitive markets. Its goal is to expand the suite of services that its partner firms can offer to enhance the client experience through all phases of a real estate transaction and beyond. www.peeragerealty.com
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Peerage Realty Partners is a subsidiary of Peerage Capital Group.