Homebuyer Happiness

Homebuyer Happiness

Three-quarters of recent Canadian homebuyers don’t regret their decision, despite affordability issues.

76 per cent of Canadians who bought a home within the last five years say they have no regrets despite rising interest rates and mortgage payments, according to a recent Wahi survey.

Ontario homeowners were found to have the least amount of regret, while British Columbia homeowners indicated the most.

“While some homeowners are undeniably facing challenges today, there are a variety of reasons for them to feel confident in their decisions,” says Wahi CEO Benjy Katchen. “Owning a home is deeply ingrained in the culture, as Canada’s homeownership rate sits at 66.5 per cent.”
Here are some key findings from the survey.

Least likely to regret their home purchase: Ontarians

17 per cent of Ontarians say they sometimes regret or regret their decision overall. On the flip side, 30 per cent of British Columbian respondents report the same. 

Younger Canadians happiest about buying a home

Nearly 80 per cent of Canadians aged 18-34 who have purchased a home since 2019 say they don’t regret their decision, whereas 68 per cent of respondents aged 35-54 and 80 per cent of those aged 55 and older said the same.

The biggest regret? Choosing the wrong home or location

Of those who say they sometimes or regularly regret buying a home, the most common reason is learning that a different home or location would’ve been better (33 per cent), followed by the responsibility of maintenance and repairs (31 per cent) and their mortgage rate rising (24 per cent).

Homebuying intentions staying strong 

Close to 20 per cent of Canadians aged 18 and up say they probably will or may buy a home this year, which suggests the homeownership dream remains despite affordability challenges.

To realize this dream, Canadians plan to work more and spend less. About 45 per cent of prospective buyers say they’re lowering their spending while 21 per cent plan to work more hours to financially prepare for a home purchase this year. 

Article courtesy of REM Editorial Team
Photo courtesy of Giovanni_cg