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