2020 Homeownership And Financial Fitness Study Highlights The Impact Of COVID-19 On Canadian Homeowners

By David MacDonald

The results of the 2020 Homeownership and Financial Fitness Study, conducted by Environics Research for Genworth Canada, have been released – providing a snapshot of Canadian homeowners’ attitudes and financial fitness, both before and during the COVID-19 pandemic.

Prior to the appearance of COVID-19, study results indicated that homeowners were in the best financial shape to date, although some cracks were beginning to emerge. However, since the effects of the current pandemic have begun to be felt, Canadians’ overall financial fitness has declined significantly. Both individually and collectively, the disruption and uncertainties caused by COVID-19 have driven an increase in the proportion of Canadians that think it’s a bad time to buy a home, although some key groups still see buying opportunities.

Read the full results of the study in the report and infographic below.

About the study

The main 2020 Homeownership and Financial Fitness Study is based on a total of 2,075 interviews completed with Canadians aged 18+, using an online methodology, between February 19 and March 5, 2020. In light of the COVID-19 pandemic and the subsequent disruption to Canadians’ lives, a subset of the key questions was re-fielded with a smaller sample of 1,000 Canadians over the weekend of May 1-3, to provide the most up-to-date perspectives possible. Data were weighted by age, by gender and region, with a subsequent weighting to homeownership type.

Learn more about Genworth Canada