After a year of spending more time at home than ever, Canadians are eyeing a new home or looking to upgrade the one they have, a new Scotiabank poll shows. Record-low interest rates and working from home are among the factors fuelling Canada's homebuying frenzy and sending prices soaring. This new poll shows some of the underlying trends, including accelerated homebuying plans for younger Canadians. As well, 58% of homeowners are planning to renovate and among those, one in four are looking to start within the next six months. “The Canadian housing market has transformed over the past year, with record low interest rates, demand for housing outweighing supply, rising house prices and more Canadians making investments in their homes,” says John Webster, Head of Real Estate Secured Lending & Scotia Mortgage Authority at Scotiabank. “No matter where you are in the home buying or renovation journey, Scotiabank is here to help Canadians with competitive mortgage rates and flexible products that allow customers to tap into the money in their home.”
Take a closer look at the impact of the pandemic on housing trends in Canada.