Real estate realities: insights from Globe readers
With Trump in office, US-Canada relations are facing historic challenges. As Canadians brace themselves for a bumpy four years, consumers are rightfully concerned, with many seeking to get preapproved for mortgages or secure the rates they already have. Some are prioritizing peace of mind and looking to get five-year fixed-rate mortgages, even if this means paying more in the long term.
We turned to our Globe Insiders for their thoughts and opinions on the real estate market. In this article, we explore the study results, which examine everything from property ownership to moving plans, home type preferences, and the use of real estate agents.
In a digital world, real estate agents still rule
Information has never been more widely available or accessible, yet most readers still prefer working with a real estate agent when searching, selling, or buying a home. While 53% of Globe readers used real estate websites during their home search, agents remained their go-to resource. A significant 78% relied on agents to help them find a home, and an even greater 86% ultimately purchased through one.
More homes, less debt: readers’ strong financial footing
The study revealed a pattern of financial stability among readers. An impressive 86% own their homes, significantly higher than the national average (66.5%, according to Statistics Canada).[1] Even more noteworthy is that 78% do not currently have a mortgage.
Regarding housing preferences, detached homes dominated at 59%, followed by condos (17%), row or townhouses (8%), semi-detached homes (7%), and apartment buildings (low or high rise) at 6%.
Over 25% of readers own an additional property besides their primary home. Most second properties were cottages or cabins (41%), followed by vacation homes or condos (22%) and investment real estate (14%).
Generational wealth or solo struggles?
The study indicated that affordability wasn’t as big of a pain point for Globe readers, perhaps partly because over half of the readers sold a home before buying their current home, thus aiding in the purchase. Additionally, most respondents (47%) have lived in their homes for over 20 years and most likely benefited from lower initial purchase prices and substantial property value appreciation.
The majority of readers (63%) haven’t provided financial assistance support to a family member for their home purchase. However, of those who did offer support, there’s a clear preference for one-time contributions over ongoing commitments, with 35% assisting with a down payment and only 8% with monthly mortgage payments.
Moving plans: the five-year forecast
One in three Globe readers is planning a move, with 56% planning to move within the next five years. The primary reason cited was a desire to downsize/need less space (41%), followed by empty nesters (18%) and wanting to be closer to family or friends (14%). Interestingly, most people planned to move relatively nearby, with only 21% planning a move over an hour away or to another province or country. When deciding where to move, 62% say that easy walking distance to shops, restaurants and other services is most important.
Of those planning to move, most see themselves buying a home (66%), with only 20% planning to rent. 1 in 5 haven’t decided what home they would like yet, though many (29%) will opt for a detached house. Nearly all Globe readers (93%) will sell a home when they move, and a majority (72%) will not shop for a mortgage.
Market switch: the surprising move to renting
While renters only comprise 12% of survey respondents, their responses suggest complex life transitions rather than traditional renter patterns. Most noteworthy is that 65% of current renters previously owned homes. This high percentage of former homeowners is an interesting deviation from the conventional one-way path from renting to ownership.
In addition, the relatively short tenure of many renters (23%) having moved within the past two years indicates this group is more mobile than their homeowning counterparts. Despite these trends, 39% of renters cited affordability concerns as a barrier to purchasing, revealing that current market conditions still pose challenges for some.
Reader research using The Globe and Mail
With 60% finding the Globe Real Estate section useful for staying informed of the market, readers demonstrate a strong appetite for expert real estate content. The engagement rates are particularly telling, with over half (53%) visiting the section at least once a week. The number of readers interested in real estate content varied by group: overall, 68%; subscribers, 70%; non-retired readers, 73%; and readers who live in cities, 68%.
Summary
Within a volatile international political context, Globe readers demonstrated a strong interest in the real estate market. Over half of readers planning to move will do so within the next five years. Most readers have lived in their homes for over two decades and have paid off their mortgages. They actively seek out information on the real estate market and do their own research, but they still ultimately rely on the help of real estate agents when searching, selling, or buying a home.
