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Mar 22, 2024
, BNN Bloomberg
A new survey found that over the last two years, about one-third of respondents moved, a majority of whom were first-time homebuyers.
The survey from LowestRates.ca, released on Wednesday, found that 36 per cent of respondents moved over the past two years, 22 per cent of whom were first-time buyers, marking a “significant uptick” from the 11 per cent of first-time buyers a year earlier.
Leah Zlatkin, a licensed mortgage broker and expert with LowestRates.ca, said in a statement on Thursday that she believes that first-time buyers elected to wait for the COVID-19 pandemic to “normalize” before buying a home.
“First-time buyers are usually more nervous to purchase their first home so they waited. This is when we saw the buyer frenzy happen,” she said.
Other findings included that 37 per cent of respondents purchased a larger home between 2022 and 2024, marking a 14 per cent increase when compared to the period between 2021 and 2023.
“As for those who purchased a larger home, families started expanding and needed to upgrade their space. They waited for the market to normalize, resulting in pent-up demand,” Zlatkin said.
Methodology
The survey was conducted between March 2 and March 3 by LowestRates.ca, polling 1,129 Canadians.
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