A new survey says 56 per cent of Canadians who are planning to engage in the real estate market expect to do so in less than a year, showing an eagerness to get back to buying and selling, reported RE/MAX Canada on Tuesday.

The survey, conducted by Leger, found:

  • Almost half (44 per cent) of Canadians believe that the real estate market will bounce back to the strength it was before COVID-19 by 2021;
  • 29 per cent of Canadians believe that before the end of 2020, the real estate market in Canada will return to its pre-pandemic strength;
  • 60 per cent of Canadians prefer to use a professional, licenced local real estate agent because they are credible and more trustworthy than do-it-yourself listing services; and
  • 22 per cent of Canadians are likely to buy or sell real estate if the majority of the transaction is done virtually.

“The market has definitely seen a steep decline in the volume of transactions in the last few months, but in much of Canada, transactions have been happening and prices in particular have been resilient. Now that economies are beginning to re-open across the country and in light of some of the recent activity we’ve seen in various cities across Canada, as well as in certain European and U.S. markets, we anticipate that demand could begin to improve much faster than we initially anticipated at the beginning of COVID-19,” said Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario–Atlantic Canada, in a news release. “Regions such as Toronto, Ottawa, and Vancouver are excellent examples, and are already experiencing an uptick in activity and the number of multiple-offer scenarios, pointing to a post-lockdown housing market outlook that is not nearly as dire as some suggested.”

“Canada’s housing market was strong before COVID-19 hit, and despite the tragic impacts of the pandemic, we are optimistic that housing market could be restored much sooner than initially expected,” said Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “As we saw in our 2020 Liveability Report, Canadian communities are resilient and people love their neighbourhoods, showing a collective commitment to bounce back.”

The report said the housing market is likely to gradually begin its return to sustainable, healthy levels toward the end of 2020. As cities slowly begin the reopening process in the coming weeks, there is likely to be a transition from the uncertainty around the home buying journey that was seen early on in the COVID-19 pandemic, to an increased comfort level among consumers and real estate agents when it comes to adopting new buying and selling processes, it said.