3 in 4 Recent Canadian Homebuyers Have No Regrets

Wahi’s 2024 Homeowner Happiness Survey suggests that the vast majority of Canadians who purchased a home in recent years are satisfied with their decision to step on the property ladder.

By Josh Sherman | 3 minute read

Wahi surveyed more than 1,500 recent Canadian homebuyers to see how they feel about their decision to purchase property.

Even amid the rising cost of living and higher mortgage rates, the vast majority of Canadians who purchased a home in recent years have no regrets about it, suggests a new Wahi survey of Angus Reid Forum members.

Overall, 76% of Canadians who have purchased a home since 2019 say they don’t regret the decision at all, according to Wahi’s 2024 Homeowner Happiness Survey. “While some homeowners are undeniably facing challenges today, there are a variety of reasons for them to feel confident in their decisions,” says Wahi CEO Benjy Katchen. Owning a home is deeply ingrained in the culture, as Canada’s homeownership rate sits at 66.5%, he adds. Meanwhile, homeowners report a better quality of life than their renting peers, and previous Wahi research has found that 1 in 3 Canadians who bought a home with a partner say it improved their relationship. 

Wahi’s survey provides additional insights into where Canadians are happiest with their homebuying decisions, what is most likely to lead to any regrets that homebuyers do have, and more.

Key findings from the survey:

1. Ontarians are the least likely to have homebuying regrets

• Just 17% of Ontarians say they either sometimes regret (15%) or regret their decision overall (2%).
  
  
• Homebuying regrets were strongest in B.C., where 30% say they have occasional (26%) or overall regrets (4%). (Saskatchewan and Manitoba responses were not statistically significant.)

2. Younger Canadians among the happiest about buying a home

• Approximately eight in 10 Canadians (79%) aged 18-34 who have purchased a home since 2019 say they have no regrets about the decision, versus 68% of respondents aged 35-54 and 80% of those aged 55 and up. Younger homeowners may be excited to have reached the ownership milestone, while the 55-and-up demographic could be more financially established and therefore less concerned with affordability or carrying costs.

3. Picking the wrong home or location is the biggest regret  

• Among respondents who say they sometimes or regularly regret buying a home, realizing a different home or area would’ve been better is the most common reason (33%). That’s followed by the burden of repairs and maintenance (31%) and the mortgage rate increasing (24%).
• Men were most likely to regret the specific home or area (42%), while women were most likely to regret the burden of maintenance or repairs (39%).

4. Canadian homebuying intentions still strong 

• Nearly one in five Canadians aged 18 and up say they probably will or may buy a home this year, suggesting the dream of homeownership persists despite affordability issues.
  
• Canadians plan to work more and spend less to achieve the dream of homeownership. Some 45% of potential homebuyers say they are cutting back on spending to set themselves up financially for purchasing a home in 2024, making it the most common sacrifice (respondents could choose multiple answers).
• Canadians with homebuying intentions this year also say they are planning to work more hours (21%) or take on a gig-economy job, such as driving for Uber (8%). 

Methodology:

These are the findings of a survey conducted by Wahi from Dec. 14 to 18, 2023 among a representative sample of 1,508 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.5 percentage points, 19 times out of 20.