REW COVID-19 Survey: How Consumer Demand and Behaviour has been Impacted

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Written on May 14th, 2020

REW.ca compiled a survey from 1000+ respondents in Canada to gauge what how consumers are feeling about the Real Estate Market and what mediums are being well received. We have included a few key points below and you can read the entire survey here.

Impact Crisis is Having on Consumers and their Willingness & Ability to Purchase Property

Role in the property market

15% looking to sell their home

49% looking to buy a home

Serious home searchers prior to pandemic

63% were looking for a new home with some degree of seriousness

Would still move during the OCVID-19 crisis

60% would still move if they found the perfect property

52% were planning to move in 2020

44% are still looking for a new home during the pandemic

49% of the respondents described themselves as actively in the market for a new home

Role of Digital Marketing Platforms During the Crisis

90% of consumers report using a website like rew.ca in the last 30 days.

54%  of the survey respondents prefer REW.ca to other platforms in the last 30 days

73% of respondents prefer video/virtual tours during COVID-19

19% response rate. Although a new feature on many websites, Virtual Open Houses has seen a significant response rate

72% are happy to evaluate a home using some form of virtual tour

48% prefer a Combination of a self-guided virtual tour and an agent-guided tour

76% of consumers are still unwilling to make a buying decision based only on a virtual tour, while this number drops to 60% for tenants.

Biggest challenges facing consumers

What are the biggest challenges you expect to face in the next 3 months and 12 months?

18% of respondents feel there is not enough on the market

37% Affordability is the top concern in the long-term with Viewings topping the list in the near-term

15% of consumers site ‘Getting a Mortgage’ as key challenge in the next 12 months

What factors do you consider to be most important in buying a home after the crisis?

72% Affordability is seen as the most important factor in the buying decision post-COVID

50% Financial Assistance

44% Favourable Mortgage Rates

House Price Affordability or some financial or mortgage related assistance are listed as very important to the buying process in the recovery from this crisis

Are Estate Agents doing a good job during the crisis?

57% No difference in performance

30% of consumers believe Agents are doing a great job, despite the crisis

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