Only 19% of Canadians say they'd buy or sell a house during the pandemic

Canada’s housing market may be frenzied with demand at an all-time high, but surprisingly, just a small percentage of Canadians say they would actually buy or sell a house during the pandemic.

A survey recently carried out by real estate brokerage FairSquare Group Realty found that just two in 10 Canadians — 19% — would consider it. When broken down by age, however, the responses varied, with those 18-54 years old being significantly more likely to say they would than those 55 years or older.

“There are many pieces to the puzzle when it comes to buying or selling a home and it can be difficult to navigate a real estate transaction from beginning to end, especially during the pandemic,” said Pascal Laflamme, president at FairSquare.

And with home prices continuing to rise across the country, hitting a new record-high average last month of $748,450, according to the Canadian Real Estate Association, saving money is at the forefront of Canadians’ minds.

When asked what they believe to be the most important aspects of a real estate transaction, saving money won out handily with 61% of respondents stating so. This number was even higher among those under 55, with 64% highlighting the importance of saving.

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One of the main drivers of the increased prices seen throughout the pandemic is competition-fueled bidding wars to buy every house that comes on the market. The number of sales broke several records last year. In fact, FairSquare, which is owned by Desjardins Group, reported selling, on average, one home every three hours in 2021.