News Release
Wahi Survey Reveals What Canadians Want Most in a Home
–
Despite affordability challenges, nearly two-thirds of potential Canadian homebuyers continue to prefer renovated single-family homes with a suburban address, according to the results of a new poll from digital real estate platform Wahi.
TORONTO — September 12, 2024 — The Canadian real estate market sure has changed a lot in just a few generations. Home prices have lapped inflation and wages, condos have proliferated, and landscaping tastes have evolved (no disrespect to white-picket fences). Despite the differences, though, a new Wahi survey suggests that the dream of owning a suburban, single-family home is alive and well for many Canadians.
Wahi’s 2024 Great Canadian Dream Home Survey, which was conducted online among members of the Angus Reid Forum, asked Canadians what kind of home they’d like to own, from property type and location to size and condition. Respondents were aged 18 and up and had indicated that they may or probably will buy a home in the next five years.
Nationwide, the single-family home reigned supreme, with 64% of potential homebuyers opting for this housing type, which includes detached and semi-detached properties but excludes townhomes. Potential homebuyers also preferred larger, renovated homes (64%) — three bedrooms was the leading choice (43%) — and properties located in suburban (38%) or urban (34%) neighbourhoods rather than rural (28%) communities.
The Great Canadian Dream Home Survey builds on the findings of a previously released Wahi poll that found that even with higher interest rates and elevated home prices, about one in five Canadians say they’ll probably or may buy a home this year.
Of course, the latest results varied by province and demographic group. Here’s a breakdown of the key findings from Wahi’s 2024 Great Canadian Dream Home Survey:
- While nearly two-thirds of respondents nationwide chose a single-family home as their preferred property, a smaller share (52%) of respondents from B.C. did so. That’s the least of any province and may be at least partly due to the high cost of housing in the province. “Canadian cities like Vancouver, Montreal, and Toronto all have great urban cores with lots to do, so some potential homebuyers may also choose condos to be closer to the action,” explains Wahi CEO Benjy Katchen.
- Quebec, another province with affordability challenges in urban centres, also had a relatively lower share of respondents who favour single-family homes at 60%.
- Conversely, respondents from more affordable provinces showed a stronger preference for single-family homes, led by Saskatewan/Manitoba (82%), Atlantic Canada (77%), and Alberta (72%).
- Younger potential homebuyers were most likely to prefer a single-family home, with 67% of those aged 18-34 wanting this type of home, followed closely by respondents aged 35-54 at 66%. In comparison, just half of those aged 55 and up, some of whom may be planning to downsize, want their next home to be a single-family dwelling.
The Suburbs Win — but Urban Demand Is Strong, Too
- For the vast majority of Canadians, a single-family home may be the dream, but in terms of preferred location the results were less clear.
Some 38% said they wanted a home in the suburbs, while 34% would rather an urban setting and 28% opted for life in the country. - Atlantic Canada was the only region where the majority of respondents wanted to live in a rural setting (58%). This could be because a high share of Atlantic Canadians already reside in rural communities. While just one in five Canadians reside in rural areas, the share increases to 50% in Atlantic Canada.
- Younger Canadians also liked suburban or urban settings best. For those 18 to 34, the suburbs (38%) and the city (34%) were preferable to the country (28%). The same was true among the 35-to-54 set, with 40% selecting the suburbs, 36% liking an urban area best, and 25% choosing a rural area.
Canadians Want Turnkey
- Asked to choose between a fixer-upper, a tear-down, or a renovated home, most Canadians chose the reno’d property (64%). Nearly one quarter (23%) would like a fixer-upper, and just 2% had a total tear-down on their wish list. Some 12% were undecided.
- It appears older Canadians generally don’t want the hassle of home improvements when house hunting, with 55-plus buyers more likely to prefer renovated homes (74%) than their younger peers: 18-34 (59%), 35-54 (66%).
Methodology:
These are the findings of a survey conducted by Wahi on May 10 to 14, 2024, among a representative sample of 1,501 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.53 percentage points, 19 times out of 20.
About Wahi
Wahi redefines the homebuying experience by putting more power into consumers’ hands. By combining cutting-edge tech and market data with expert Realtors, Wahi offers unmatched access to insights, tools and the team that makes buying a home faster and easier. Learn more at wahi.com.
News Media Contacts:
Kristin Doucet
Wahi
Tel: 877-207-4273