The poll showed that 54% of Canadians believe the current market to be skewed towards sellers – a figure that’s at its highest since 2009, up from 41% last year.
“The consequences near- and long-term are going to have to be very well thought through on this one,” he said.
The pandemic is widely viewed to have brought about an “urban exodus” from several large cities, notably Toronto, with homeowners leaving downtown cores for more remote areas.
Sahasrabudhe said it was “tough to predict” the impact on the housing market and mortgage industry if Canada’s slow vaccination pace continues and lockdowns persist.
Other factors that made it difficult to predict the future of the market include possible further interest rate increases and an uncertain timescale around a full return to immigration.
The poll revealed that many Canadians are considering buying homes in the near term because of currently low interest rates and a fear that they’ll eventually be priced out of the market.
“You’re seeing a lot of dynamics and behaviours with folks rushing into the market given low interest rates and prices, and the belief that prices will continue to go up,” he said.