Post-Covid Home Demand to Continue – Data

What is everyone doing with the money they saved during Covid?

• Eating out, travel, debt reduction and BUYING HOMES!
• Mortgage rates are low and home prices are close to 2005 levels!

Mortgage Mark Herman, Top Calgary Alberta Mortgage Broker

Latest Bank of Canada Survey:

As COVID-19 continues to be pushed down in Canada, consumer spending is expected to go up.  The latest survey by the Bank of Canada suggests that will lead to an even greater demand for homes.

The Bank of Canada’s Survey of Consumer Expectations… indicates:

• 40% of respondents managed to save more money than usual during the pandemic.
• They expect to spend about 35% of those savings over the next 2 years on activities that have been restricted during the pandemic, such as dining out.
• Respondents plan to put 10% of their savings toward debt repayment and
• 10% toward a down payment on a home.

14% plan to buy a home soon, much of that was driven by renters, with 20% saying they want to get into the market.

80% of the respondents who have “worked from home” expect to continue with that and there is a consistent with the shift in demand for larger properties, away from city centres.