Three in Four Recent Canadian Homebuyers Have No Regrets: Survey

A survey conducted by Wahi revealed that three out of four Canadians who have bought a home since 2019 have no regrets.

A recent survey by Wahi revealed that 76 per cent of Canadians who have purchased a home since 2019 say they don’t regret the decision at all.

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

Wahi’s survey provides insights into where Canadians are happiest with their homebuying decisions, what is most likely to lead to any regrets that homebuyers do have, and more.

Key findings from the survey include the following.

The survey found that Ontarians are the least likely to have homebuying regrets. Only 17 per cent of Ontarians say they either sometimes regret (15 per cent) or regret their decision overall (2 per cent).

Homebuying regrets were strongest in B.C., where 30 per cent say they have occasional or overall regrets.

Image credit: Wahi

According to the survey, approximately eight in 10 Canadians aged 18-34 who have purchased a home since 2019 say they have no regrets about the decision, versus 68 per cent of respondents aged 35-54 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 survey noted.

Among respondents who say they sometimes or regularly regret buying a home, the survey revealed that realizing a different home or area would’ve been better is the most common reason. That was followed by the burden of repairs and maintenance and the mortgage rate increasing.

Men were most likely to regret the specific home or area while women were most likely to regret the burden of maintenance or repairs, according to the survey.

Wahi research also found that one in three Canadians who bought a home with a partner say it improved their relationship.

According to the survey, almost one in five Canadians aged 18 and up say they probably will or may buy a home this year, suggesting the dream of homeownership persists despite affordability issues.

The survey also noted that Canadians plan to work more and spend less to achieve the dream of homeownership. Some 45 per cent of potential homebuyers say they are cutting back on spending to set themselves up financially for purchasing a home in 2024, making it the most common sacrifice.

Canadians with homebuying intentions this year also say they are planning to work more hours or take on a gig-economy job, such as driving for Uber, according to the survey.

These are the findings of a survey 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.

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