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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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Maru Voice Canada is one of the country’s leading online market research panels. We send you surveys, you complete them, we give you rewards, and you make a difference. For each survey you complete, you earn entries into monthly sweepstakes programs and points that can be redeemed for gift cards from a variety of popular online retailers. We then share your responses with organizations ranging from household brands, government bodies, not-for-profits, and the media who want to better understand the opinions of Canadians. Have your voice heard by joining the Maru Voice Canada community today.
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