Survey Reveals What Aspiring Homeowners Value Most

At least, that’s what digital real estate platform Wahi discovered during their polling of potential Canadian homebuyers for the 2024 Great Canadian Dream Home survey.

The survey, conducted among Canadians who are members of the Angus Reid Forum, asked respondents what kind of home they’d like to own including details such as what property type, location, size and condition. Respondents were 18 years and older and indicated that they “may” or “probably will” buy a home in the next five years.

The results were not entirely a surprise, with a total of 64 per cent of potential homebuyers opting for a single-family home, including detached and semi-detached properties and excluding townhomes. 64 per cent of potential homebuyers also preferred larger, renovated homes. Homes with three bedrooms was the leading choice for 43 per cent as well as properties located in suburban or urban neighbourhoods at 38 and 34 per cent rather than rural communities at 28 per cent.

Almost two-thirds of respondents nationwide selected a single-family home as their preferred property, and a smaller share of respondents from B.C. did so. The report noted that that is the least of any province and may be partially 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,” said Wahi CEO Benjy Katchen.

Quebec also had a relatively lower share of respondents who favour single-family homes at 60 per cent. Respondents from more affordable provinces indicated a stronger preference for single-family homes, and was led by Saskatchewan/Manitoba at 82 per cent, Atlantic Canada at 77 per cent and Alberta at 72 per cent.

Younger potential homebuyers were most likely to prefer a single-family home, with 67 per cent of those between the ages of 18 and 34 wanting this type of home. This was followed closely by respondents between the ages of 35 and 54 at 66 per cent. Only half of those aged 55 and up revealed that they want their next home to be a single-family dwelling.

In terms of location, some 38 per cent said they wanted a home in the suburbs, while 34 per cent said they would rather an urban setting and 28 per cent opting for life in the country.

Atlantic Canada was the only region where the majority of respondents wanted to live in a rural setting (58 per cent).

Younger Canadians also preferred suburban or urban settings. For those between the ages of 18 to 34, the suburbs and the city were preferable to the country. The same was true among people between the ages of 35 to 54, with 40 per cent choosing the suburbs, 36 per cent liking an urban area best, and 25 per cent choosing a rural area.

The survey asked respondents to choose between a fixer-upper, a tear-down, or a renovated home, with 64 per cent of Canadians choosing the renovated property.

Almost one quarter or 23 per cent said they would like a fixer-upper, 2 per cent had a total tear-down on their wish list and 12 per cent were undecided.

As per the findings, it appears that Canadians generally don’t want the hassle of home improvements when looking for a house, with 55-plus buyers or 74 per cent more likely to prefer renovated homes versus those between the ages of 18 and 34 and 35 to 54.

The survey was conducted by Wahi from May 10 to 14, 2024, among a representative sample of 1,501 online Canadians who are members of the Angus Reid Forum.