Consumers have confidence in homeownership

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Despite COVID, Canadians maintain a mostly positive attitude about homeownership, says Will Dunning, chief economist of Mortgage Professionals Canada and author of Rapidly Evolving Expectations in the Housing Market based on a survey conducted from Aug. 7 to 24.

“For a decade, our consumer surveys have investigated opinions on some housing-related and mortgage-related issues,” says Dunning. “The new data indicates that, in general, opinions have not become more negative during this emergency period.”

Dunning’s key findings from the survey:

  • Mortgage holders are showing reduced levels of regret about their mortgages.
  • There is still a high degree of confidence that real estate is a good long-term investment.
  • There has been a very small reduction in the opinion that mortgages are ‘good debt.’
  • There has been a downshift in confidence about the economic outlook. However, it might be surprising that the degree of confidence is almost exactly at the neutral level.
  • There is now more confidence that this is a good time to buy a home.
  • Homeowners have not become more worried about their ability to weather a downturn in the housing market. However, they show a small reduction in confidence about the impact of higher interest rates.