Many potential homebuyers are hoping for renovated single-family homes in the suburbs, despite steep prices and the abundance of condos, suggests a new survey from digital real estate platform Wahi.
Wahi polled Canadians nationwide to see what kind of home they’d most like to purchase, from property type and location to size and condition. The data was collected online in May 2024, among 1,501 members of the Angus Reid Forum. Respondents were aged 18 and up and stated they may or probably will buy a home in the next five years.
Across the country, the single-family home was most desired, with 64 per cent of potential homebuyers opting for this property type, which includes detached and semi-detached properties but excludes townhomes. Potential homebuyers also preferred larger, renovated homes (64 per cent) — three bedrooms was the leading choice (43 per cent) — and properties located in suburban (38 per cent) or urban (34 per cent) neighbourhoods rather than rural (28 per cent) communities.
These latest results also varied by province and demographic group.
Although nearly two-thirds of respondents across Canada chose a single-family home as their preferred property, B.C. had the smallest share of respondents (52 per cent) who want such a property. This is likely attributed to the high cost of housing in B.C.
Quebec also has affordability challenges in urban centres, thus a lower share of respondents who favour single-family homes at 60 per cent.
“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,” added Wahi CEO Benjy Katchen.
Meanwhile, respondents from more affordable provinces showed a stronger preference for single-family homes, led by Saskatchewan/Manitoba (82 per cent), Atlantic Canada (77 per cent), and Alberta (72 per cent).
Turning to demographics, potential homebuyers aged 18 to 34 most preferred a single-family home at 67 per cent. Not far behind were respondents aged 35-54 at 66 per cent. Half of people aged 55 and up, some of whom may be planning to downsize, desire their next home to be a single-family dwelling.
Suburban versus urban
Suburban interest was high, but urban demand isn’t abating. Atlantic Canada was the only region where the majority of respondents wanted to live in a rural setting (58 per cent). Wahi points out that a high share of Atlantic Canadians already dwell in rural communities. While just one in five Canadians reside in rural areas, the share increases to 50 per cent in Atlantic Canada.
For those 18 to 34, the suburbs and the city were preferable to the country. The same was true among the 35-to-54 cohort with 40 per cent selecting the suburbs, 36 per cent liking an urban area, and 25 per cent opting for a rural area.
Fixer-upper, tear-down, or renovated home
Most Canadians want a renovated property (64 per cent). Nearly one quarter (23 per cent) would like a fixer-upper, and 2 per cent desire a full tear-down. Another 12 per cent were undecided.
Older Canadians over 55 years old said they would opt out of home improvements when house hunting in place of renovated homes (74 per cent) than their younger peers.
