The phenomenon has intensified during the pandemic
Multiple property ownership is on the rise in Canada, with 19% of respondents to a recent RATESDOTCA and BNN Bloomberg survey saying that they owned two or more homes during the pandemic.
Of the 1,547 respondents in the latest edition of the monthly poll, 9% said that they made their home purchases in the last 18 months. Approximately 40% were first-time buyers acquiring their primary residence, while 39% said that they purchased their second one during the pandemic.
Younger Canadians in the 18-34 age range accounted for the bulk of first-time buyers (65%). Older people age 55 and above also showed a significant market presence (24%), while middle-aged Canadians in the 35-54 bracket were less prominent (11%).
Read more: What has prompted the luxury housing market’s surge?
Among those who purchased their homes during the pandemic, 47% used their personal savings, while 24% said that they used the proceeds of another property’s sale and 19% said that they used funds gifted by a family member. Another 14% said that they used the equity from one of their existing properties.
On average, Canadians made large down payments, the survey found. More than four in 10 (42%) said that they put 20%-30% down in their home purchases, while 15% said they put down more than 41%.
