Blog: Your Opinion in Action: Homeownership on Hold

What happens after you submit your survey responses? Where do your answers go? How is your opinion used? We want to answer these questions by sharing past examples of how your responses and opinions have made an impact.

The findings of a poll released by Maru Public Opinion indicates that Canadians are less likely to purchase a home when compared to the first year of the pandemic and the height of uncertainty in 2020. According to the results, of those Canadian surveyed in 2022, a sizable group (43%) said they were putting their plans on hold (compared to 33% in 2021 and 20% in 2020.)

Concerns over the cost of living, rising interest rates, market instability, and economic uncertainty has a majority of millennials feeling discouraged about their homeownership aspirations: nine-in-ten (90%) Canadians aged 18-34 believe that housing prices will continue to increase over the next 12 months while two thirds (62%) also say they’re waiting for housing prices to come down before buying a home. Further, more than half of millennials (56%) say the current economic environment has negatively impacted their finances so as to put their homebuying plans on ice for now.

Despite loosening restrictions and employees returning to work, market conditions have motivated even more Canadians to move further away from major cities to get more for their money (35% in 2022 versus 29% in 2021). This is most common among younger Canadians, of which half (51%) are considering moving out of their city to get more “house” for their money.

With the market showing no sign of slowing down, more homeowners appear to be choosing to stay put and invest in their existing property. According to the findings, six-in-ten (59%) Canadians are choosing to renovate their existing property instead of purchasing a new home in 2022, up from the peak of the pandemic in 2020 (when it was at 56%).

See full results here.

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La Voix Maru est l’une des principales communautés d’études de marché en ligne au Canada, offrant aux Canadiens et Canadiennes l’occasion de participer à des sondages et à des discussions qui influeront sur les marques, les produits et les services que nous utilisons tous chaque jour. Nous collaborons avec diverses organisations, allant d’entreprises de marques réputées et d’organismes gouvernementaux à des organismes sans but lucratif et à des médias, qui veulent mieux comprendre l’opinion publique pour éclairer leurs décisions. Pour vous remercier de chaque sondage auquel vous répondez, vous recevrez des points ou des bulletins de participation pour gagner des chèques-cadeaux, des produits ou de l'argent comptant. Inscrivez-vous maintenant!

Vous n’êtes pas encore membre? Visitez www.lavoixmaru.ca pour vous joindre à notre communauté et partager vos points de vue sur une multitude de sujets comme ceux-ci. L’inscription est simple et rapide. Nous voulons connaître vos opinions!