In a recent survey conducted by the Ontario Real Estate Association, responses from current renters indicated that they were nearly twice as likely to express interest in buying a home due to the pandemic. Those surveyed also reported their preferences now lean more towards rural and suburban living. If there is one thing that has been made clear by the OREA survey, it is that now more than ever, the COVID-19 pandemic has accelerated the desire to own a home.
The true resiliency of the housing market has proven itself once again. In the wake of COVID-19, housing remains a strong sector of our nation’s economy and the Canadian Dream of homeownership continues to be a strong value for many – not to mention this sentiment is becoming increasingly common.
We should all be encouraged by the fact that the desire for homeownership is growing amongst Canadian citizens. Homeownership is positively linked to plenty of economic, social and civic behaviours that are crucial to self-actualization and a healthy society. Homeownership confers benefits precisely because it involves planting roots. It’s not just about wealth creation. It’s about much deeper things like stability, identity and obligation. The idea of a home base provides a sense of familiarity and comfort in a world of churn and change. It gives us rootedness and a sense of well-being.
Homeownership also has the potential to contribute to financial success – it is one of the largest wealth generators for Canadian families. Owning your own home can ensure financial security and stability as home equity can be used for a range of future financial needs, from children’s education to funding retirement living.
In Regina, as more and more renters become ready to make the move to homeownership, the local residential construction industry is ready to meet their demands. There are countless professional home builders in our City who are eager to provide more housing choices for potential buyers. Regina has condominiums and houses of all kinds under construction in both new and old neighbourhoods throughout our City. In addition, new neighbourhoods have been designed to offer a wide range of connected pathways and streets to accommodate more ways of getting around including both walking and biking.
For all those renters who are looking to transition to homeownership – whether downtown or in the suburbs, Regina developers are creating neighbourhoods to suit the needs of individuals, families and first-time home buyers. At the same time, local home builders are working hard to provide a variety of housing options to ensure the dream of homeownership for first-time buyers becomes a reality.