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Mortgage broker says more first-time buyers entered the market following the pandemic



A recent survey conducted by LowestRates.ca has shed light on a notable trend in the Canadian housing market. The survey, released on Wednesday, indicates that a significant number of Canadians have made moves in the past two years, with a substantial portion of them being first-time homebuyers.


According to the findings, approximately 36 percent of respondents relocated during the specified period. Among these movers, 22 percent were identified as first-time buyers. This marks a notable increase from the previous year, where only 11 percent of movers were first-time homebuyers.


Leah Zlatkin, a licensed mortgage broker and expert at LowestRates.ca, offered insights into this trend. Zlatkin suggests that many first-time buyers opted to postpone their home purchases until the effects of the COVID-19 pandemic began to stabilize.


"First-time buyers are usually more nervous to purchase their first home, so they waited. This is when we saw the buyer frenzy happen," Zlatkin commented.


The survey also revealed that a significant portion of respondents, about 37 percent, opted for larger homes between 2022 and 2024. This represents a 14 percent increase compared to the preceding period between 2021 and 2023.


Zlatkin provided further context for this trend, noting that many families found themselves needing additional space as they expanded. The decision to upgrade their homes was often prompted by a desire for more comfortable living arrangements, which led them to wait for market conditions to stabilize before making their move.


The survey, conducted between March 2 and March 3, involved polling 1,129 Canadians. By analyzing responses from a diverse pool of participants, LowestRates.ca aimed to capture a comprehensive snapshot of recent trends in the housing market.


Overall, the survey's findings suggest that the aftermath of the pandemic has had a significant impact on the housing preferences of Canadians. With more first-time buyers entering the market and existing homeowners opting for larger properties, the dynamics of the real estate landscape continue to evolve in response to changing societal needs and economic conditions.


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