In the game of love and real estate, it turns out that buying a home together might just be the secret ingredient to a stronger relationship for Canadian couples.
Who knew that mortgage rates and market trends could be as pivotal to your love life as date nights and long walks on the beach?
According to real estate start-up Wahi’s 2024 Real Estate Romance Survey, a whopping 1 in 3 Canadian couples who took the plunge into homeownership together found their relationship strength went from “it’s complicated” to “in it for the long haul.”
That’s right, amidst the stress of bidding wars and deciding whether to go for the charming fixer-upper or the move-in-ready modern abode, love flourished.
Love grows in shared spaces
Benjy Katchen, the CEO of Wahi, shared that a staggering 77% of Canadian homeowners bought their nests of love with their significant others. And guess what? It actually improved their relationship rather than put a strain on it.
“Buying a home is a major milestone for any couple, and it is by far the most common way for Canadians to become homeowners today,” says Wahi CEO Benjy Katchen.
“In fact, 77% of Canadian homeowners say that they bought their home, with their romantic partner. Overall, our survey also suggests that homebuying is rarely a strain on relationships — and it appears to have the potential to actually strengthen some bonds, too.”
While 34% of lovebirds chirped about improved relationships, only 3% felt the homebuying process put their love to the test — a rather surprising finding, given the many intricacies of the process and the financial stress that often accompanies it.
Interestingly, the folks in B.C. and Atlantic Canada are leading the love parade, with nearly half of the couples saying buying a home together was the best decision for their relationship.
Some other standout findings of the study were that men reported a higher level of satisfaction. Men were more likely to say homebuying helped their relationship (41%) versus women (28%).
Love, patience, and finding the right home
Yet, it’s not all roses and signed contracts.
Potential homebuyers are playing it cool, waiting to see how the market unfolds, another one of Wahi’s recent market reports reveals.
Looking at the real estate resolutions Canadians are making for the New Year, the real estate start-up found that nearly 1 in 5 Canadians are considering buying a home in 2024, with younger people in particular eyeing a purchase this year.
With eyes on home prices and interest rates, about 19% of young hopefuls are considering teaming up with partners or family members to make their homeowning dreams a reality without breaking the bank.
Wahi’s insights reveal that younger Canadians are especially keen on getting onto the property ladder.
Despite the rollercoaster real estate market, 24% of those aged 18-34 are saying, “Let’s do this,” and gearing up to buy a home in 2024.
And they’re not afraid to hustle for it, ready to cut back on the lattes and take on side gigs if it means snagging the keys to their own place. The national average for all age groups planning to buy a house in 2024 was 18%, per Wahi’s report.
Both Wahi surveys cited above were conducted from Dec. 14 to 18, 2023 among a sample of 1,508 online Canadians who are members of the Angus Reid Forum — Canada’s most well-known and respected online public opinion community — in both English and French. According to their methodology, a probability sample of this size would carry a margin of error of +/-2.5 percentage points, 19 times out of 20.
The bottom line: Love and real estate go hand in hand
Who would’ve thought that the path to a stronger relationship might just involve joint mortgage applications and navigating the world of real estate together?
As Canadians gear up for a big year in homebuying, it’s clear that the journey to homeownership is not just about the destination—it’s about who you’re with and the memories you create along the way.
So, whether you’re eyeing up that cute bungalow or dreaming of a downtown condo, remember: buying a home with your partner could be the next big adventure in your love story. After all, if you can survive house hunting, you can survive anything, right?
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