Ontario homebuyers happiest in Canada about their purchase: survey
Published April 15, 2024 at 9:50 am
Despite an increase in the cost of living and higher mortgage rates, most Ontario homebuyers don’t regret their purchase according to a new survey.
Back-to-back rate hikes from the Bank of Canada last year has increased home borrowing costs. This is just one of the factors impacting the cost of living across Canada.
But a new survey from real estate brokerage Wahi finds people who recently bought a home in Ontario have the least regrets in Canada.
The Wahi’s 2024 Homeowner Happiness survey amongst Angus Reid Forum members focused on Canadians who had purchased a home since 2019.
The survey looks at what Canadian provinces are happiest with their homebuying decisions, what is most likely to lead to any regrets that homebuyers do have, and more.
The survey found most, 76 per cent, of Canadians don’t regret the decision, despite higher mortgage rates.
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“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, Katchen adds.
The survey found Ontario homeowners are the happiest.
Just 17 per cent of Ontario residents say they either sometimes regret (15 per cent) or regret their decision overall (two per cent).
On the flip side, home buying regrets were strongest in British Columbia, where 30 per cent say they have occasional (26 per cent) or overall regrets (four per cent). It’s worth noting that Vancouver consistently has the highest home prices in Canada.
Saskatchewan and Manitoba responses were not statistically significant, according to the report.
The reason for the home purchase regret varies.
The most common reason is a preference a different home or area (33 per cent).
That’s followed by the burden of repairs and maintenance (31 per cent). Surprisingly, increasing mortgage rates is one of the least common reasons for regret at 24 per cent.
Men were most likely to regret the specific home or area (42 per cent), while women were most likely to regret the burden of maintenance or repairs (39 per cent).
It seems like younger Canadians are the happiest about their move into homeownership.
Approximately eight in 10 Canadians (79 per cent) aged 18 to 34 who have purchased a home since 2019 say they have no regrets about the decision, versus 68 per cent of respondents aged 35 to 54 and 80 per cent of those aged 55 and up.
Younger homeowners may be excited to have reached the ownership milestone, while the 55-and-up demographic could be more financially established and therefore less concerned with affordability or carrying costs, the report notes.
The survey was conducted by Wahi from Dec. 14 to 18, 2023 among a representative sample of 1,508 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French.
See the full Wahi’s 2024 Homeowner Happiness Survey here.
Lead photo: Karen Longwell
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