New Consumer Report from MPC looks at the Rapidly Evolving Expectations in the Housing Market:
MPC’s latest consumer report – Rapidly Evolving Expectations in the Housing Market, written by their Chief Economist Will Dunning.
One of the reasons MPC looks at economic trends is that, most of the time, the recent past gives us reasonably reliable clues about what might happen in the near future. That is not the case in these extremely abnormal times – the COVID-19 emergency has resulted in extremely volatile shifts in the Canadian housing market. At this point, it is impossible to confidently develop any forecasts for the housing market because of extreme uncertainty about the key factors that will drive consumer decisions.
Through this report and future updates, Mortgage Professionals Canada is creating new data that will assist in tracking shifts in Canadians’ expectations about the housing market in order to monitor the evolving market circumstances.
This report has four major sections that report on consumer opinions and expectations:
- How COVID-19 has affected employment and incomes.
- Impacts on expectations about buying homes.
- Attitudes and expectations on topics related to housing markets and mortgages.
- Opinions about the mortgage deferral program.
MPC’s intention is to conduct the same survey three more times, in six-week increments, to track any changes in sentiment toward the market, the deferral programs and homeownership as a good idea. It will be interesting to see how consumer attitudes may change with the competing pressures of the evolving pandemic emergency, economies reopening and mortgage deferral programs expiring.
DOWNLOAD YOUR COPY OF THE COMPLETE REPORT: CLICK HERE TO READ THE REPORT