A recent survey by the online real estate platform Wahi reveals that Canadian homebuyers continue to favor single-family homes, despite government efforts to encourage interest in multi-family housing. The 2024 Great Canadian Dream Home Survey, conducted through the Angus Reid Forum, asked respondents about their preferences regarding property type, location, and size.
The survey, which included potential homebuyers aged 18 and older who indicated they are likely to purchase a home in the next five years, found that 64% of respondents would choose a single-family home. This category includes detached and semi-detached properties but excludes townhomes and apartments.
Among potential buyers, larger, renovated homes with three bedrooms emerged as the top choice, with 43% expressing this preference. Suburban areas (38%) and urban neighborhoods (34%) were more popular than rural settings (28%).
These findings build on a previous Wahi survey, which indicated that, despite high interest rates and elevated housing prices, approximately one in five Canadians might buy a home this year. The latest results reveal differences across regions and demographics, according to Wahi CEO Benjy Katchen.
“Nationwide, nearly two-thirds of respondents prefer a single-family home, but in British Columbia, that figure drops to 52%, the lowest among provinces, likely due to the high cost of housing,” said Katchen. He also noted that cities like Vancouver, Montreal, and Toronto offer vibrant urban living options, leading some homebuyers to opt for condominiums to stay close to city amenities.
Katchen highlighted Quebec’s housing market, where 60% of respondents favor single-family homes, reflecting affordability challenges in urban areas. By contrast, provinces with more affordable housing options show stronger interest in single-family homes, with Saskatchewan and Manitoba leading at 82%, followed by Atlantic Canada (77%) and Alberta (72%).
Age also plays a role in housing preferences. Younger buyers, aged 18 to 34, were most inclined toward single-family homes, with 67% expressing this preference. This trend was similar among those aged 35 to 54 (66%), while only 50% of those aged 55 and older preferred single-family homes, possibly due to downsizing considerations.
Regarding location, preferences were more divided. While 38% of respondents chose suburban living, 34% preferred urban environments, and 28% favored rural areas. Atlantic Canada was the only region where the majority preferred rural homes, with 58% opting for country living. This reflects the higher proportion of rural residents in the region, where about 50% of the population lives in non-urban areas, compared to just 20% nationwide.
When it comes to home condition, most Canadians (64%) prefer renovated properties, with only 23% opting for a fixer-upper and just 2% seeking a complete tear-down. Older buyers, particularly those aged 55 and above, are more likely to prefer move-in-ready homes, with 74% indicating a preference for renovated properties compared to 59% of younger buyers aged 18 to 34.
Wahi is an online real estate platform offering insights, information, and listings across Canada, providing homebuyers with essential tools for their search.
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By Proptechbuzz
By Ravi Kumar
