What Canadians are looking for in a home: Renovated, suburban single-family houses remain top choice for buyers

A recent survey conducted by Wahi delved into the preferences of Canadians when it comes to their ideal home, revealing that many still aspire to own a renovated single-family home in the suburbs, despite facing challenges in affordability.

Single-family homes remain the top choice for nearly two-thirds of homebuyers; most prefer suburban living

The survey indicated that 64% of potential homebuyers lean towards single-family homes, particularly those that are spacious, upgraded, and situated in suburban (38%) or urban (34%) areas. Three-bedroom homes emerged as the most favored option (43%), with only 28% of respondents expressing a preference for rural living.

Furthermore, a prior survey by Wahi revealed that approximately 20% of Canadians are considering purchasing a home by 2024, despite the current high interest rates and home prices.

Regional and demographic variations

However, differences were observed across regions. In provinces with more affordable housing markets, such as Saskatchewan/Manitoba (82%) and Atlantic Canada (77%), the preference for single-family homes was even more pronounced. Atlantic Canada stood out as the only region where a majority of respondents (58%) expressed a desire to reside in a rural setting.

Conversely, provinces with higher housing costs like British Columbia showed less demand for single-family homes, with only 52% of respondents selecting this option.

“Cities in Canada like Vancouver, Montreal, and Toronto offer vibrant urban centers, which is why some prospective homebuyers may opt for condominiums to be closer to the action,” noted Wahi CEO Benjy Katchen.

Younger Canadians in the 18-34 age group are more inclined towards single-family homes, with 67% showing a preference for this property type, albeit also favoring urban settings (34%). In contrast, older generations aged 55 and above are more likely to downsize, with only 50% choosing single-family residences.

Turnkey properties preferred over fixer-uppers

Regarding the condition of their future homes, the majority of Canadians (64%) express a preference for renovated properties, especially older buyers (55+) who are attracted to turnkey homes to avoid the inconvenience of renovations.

Approximately 23% would consider purchasing a fixer-upper, while only 2.0% express interest in a complete tear-down.

Despite evolving homeownership aspirations, the survey conducted by Wahi highlights that Canadians continue to prioritize suburban living and single-family homes, even in today’s competitive real estate market.