Canadian homebuyers are soul searching, and asking a higher power for advice — Google. Google has seen a surge of search activity for the question, “Should I buy a house?” The question peaked in activity in April, the month after record home sales. It made an abrupt drop the next month, after home sales fell from the record high. Preliminary June data shows people are once again asking the question at a very high rate.
Canadians Are Asking, “Should I Buy A House?”
There was a sudden surge in the number of Canadians asking, “should I buy a house?” last month. The preliminary index score is 59 for June, almost double the 33 index score seen in May. When the index hits 100, it means Google activity for the term has reached a record high, or “breakout.” June obviously isn’t over yet, so it can fall back down to reality. However, it’s most likely much higher than the lull seen in May.
Canadians Searching “Should I Buy A House?”
The indexed score of the popularity for the search term “should I buy a house?” in Canada.
Source: Google; Better Dwelling.
If the search term doesn’t come back down to reality, it would be the highest level of interest since April 2021. Before 2021, the index hadn’t seen this level of search for the topic since September 2019.
Does It Mean Anything For Sales?
The two appear to be related, but not in the way you may have expected. An increase in the search term has been followed by tapering home sales shortly after. It tends to mark the peak of activity, right before sales fall. One exception being in 2020, where searches fell as sales increased, at the start of the pandemic. A non-market event such as government stimulus leads to non-market behavior though.
Canadian Home Sales Compared To Buyer Searches
The number of homes sold through the Canadian MLS, compared to the index of people in Canada searching “Should I buy a House?”.
Source: CREA; Google; Better Dwelling.
The takeaway? There’s a surge in people wondering if they should buy a home across Canada right now. How long it takes them to buy after that query appears, to be more of a mystery though. Most likely people are seeing everyone else buy a home, and then wonder if they should be doing the same.
Like this post? Like us on Facebook for the next one in your feed.