{"id":936166,"date":"2021-07-29T08:47:57","date_gmt":"2021-07-29T12:47:57","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=936166"},"modified":"2025-01-23T00:29:30","modified_gmt":"2025-01-23T05:29:30","slug":"canada-housing-market","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/research\/canada-housing-market","title":{"rendered":"Canada Housing Market: Features home buyers really want in 2023 (+ infographic)"},"content":{"rendered":"<p>Buying a home in Canada is hard. It\u2019s hard to save up the down payment; it\u2019s hard to choose the right mortgage and it\u2019s hard to find a property that matches your needs <em>and<\/em> your budget. Despite these hurdles, the demand to get into Canada\u2019s housing market has softened for only a few brief moments over the last decade.<\/p><p>A new study from Finder sheds insight into Canada\u2019s housing market, and the market trends and preferences of home buyers that drive the nation\u2019s real estate market. The results from the <em>Finder: Consumer Sentiment Survey Q2<\/em> (<em>Finder: Consumer Sentiment Survey Q2<\/em>) shows that <strong>31%<\/strong> of respondents <strong>plan to buy a home in 2023 and another 15% plan to buy a home in 2024<\/strong>.<\/p><p>Compared to the demand of would-be home buyers in 2021, when pandemic restrictions were in full force, and demand to become a property owner appears to have grown slightly. Almost a third of Canadians plan to buy a home in 2023 or 2024, up slightly from the <strong>30%<\/strong> <strong>of respondents who planned to buy a home in 2021<\/strong>. according to survey results from the <em>Finder: New Home Wish List <\/em>survey. This is surprising given the persistently high property prices and rising mortgage rates of the last 12 months.<\/p><h3>Canada\u2019s Housing Market: What buyers want?<\/h3><p>Given the consistently competitive real estate marketplace, buyers need to prioritize their wants and needs. On the other hand, sellers and home builders need to stay competitive. A key way to do this is to be aware of changing preferences and to highlight the most desirable features to buyers, based on these wants and needs.<\/p><p>To help determine the most desireable home features, the <em>Finder: Consumer Sentiment Survey Q2<\/em> asked more than 1,010 Canadians about their home buying intentions and their housing preferences.<\/p><p>According to survey results, the desire for larger living space has dropped dramatically since the height of the pandemic. Back in 2021, almost half of Canadian home buyers <strong>(48%) wanted a property with larger living space<\/strong>. These days, <strong>26% of home buyers want a larger living space, while 27% want a spacious backyard or outdoor space<\/strong>.<\/p><iframe id=\"datawrapper-chart-2zjvS\/1\/\" title=\"What buyers want in a home \u2014 2021 vs 2023\" width=\"100%\" height=\"450\" scrolling=\"no\" src=\"https:\/\/datawrapper.dwcdn.net\/2zjvS\/1\/\" style=\"100%\" loading=\"lazy\"><\/iframe><h3>Canada\u2019s Housing Market: What different generations of home buyers want<\/h3><p>However, there were definitely generational differences when it came to the most desirable features sought after by home buyers.<\/p><p>For instance, <strong>Gen Z home buyers (between the ages of 18 and 28) preferred larger living space (14%)<\/strong> and an <strong>updated style or look of a home (13%)<\/strong>.<\/p><p><strong>Millennials wanted spacious backyards or outdoor space (15%)<\/strong>, followed by <strong>larger living space (13%)<\/strong> and a <strong>garage or driveway (13%)<\/strong>.<\/p><p><strong>Gen X<\/strong> home buyers (those between the ages of 47 and 58) want <strong>spacious backyards or outdoor space (13%)<\/strong>, followed by <strong>larger living spaces (11%)<\/strong> and <strong>close to amenities, such as stores, schools and community centres (10%)<\/strong>.<\/p><p><strong>Baby boomer<\/strong> home buyers had a strong preference to <strong>easy access to amenities (15%)<\/strong>, following by a three-way tie between a <strong>spacious backyard or outdoor space (10%), proximity to transit and highways (10%) and access to green space, such as ravines, parks and dog parks (10%).<\/strong><\/p><h3>Housing market trends: What each gender wants more in a home<\/h3><p>When it comes to the most desirable features of a home, men and women agreed on a lot, but not all.<\/p><p>For instance, men and women agreed that a <strong>spacious backyard or outdoor space<\/strong> was at the top of their house-hunting list (<strong>27% and 27%<\/strong>, respectively). Men and women also agreed that a <strong>dedicated home office space was important (10% and 11%, respectively)<\/strong>, but <strong>women placed more importance on the look and style of a home (25%, compared to men at 18%),<\/strong> while <strong>men favoured a driveway or garage (26%, compared to women at 19%).<\/strong><\/p><iframe id=\"datawrapper-chart-V92OS\/1\/\" title=\"Housing Market Trends: Most Desirable Home Features for Buyers in 2023\" width=\"100%\" height=\"450\" scrolling=\"no\" src=\"https:\/\/datawrapper.dwcdn.net\/V92OS\/1\/\" style=\"100%\" loading=\"lazy\"><\/iframe><h3>Canada\u2019s Housing Market: Regional preferences for housing features<\/h3><p>How desirable each housing feature or amenity is for a buyer appears to be influenced by geography.<\/p><ul><li>The <strong>top three features Ontario home buyers are looking for in 2023 include: <\/strong><ol><li>Spacious backyard or outdoor space (31%)<\/li><li>Larger living space (27%)<\/li><li>Driveway and\/or garage (26%)<\/li><\/ol><\/li><li>Home buyers in <strong>British Columbia<\/strong> want a home with:<ol><li>Larger living space (27%)<\/li><li>Updated style and look (25%)<\/li><li>Close to transit, including highways and public transit (24%)<\/li><\/ol><\/li><li>Home buyers in <strong>Alberta<\/strong> want:<ol><li>Larger living space (27%)<\/li><li>Spacious backyard or outdoor space (26%)<\/li><li>Driveway and\/or garage (22%)<\/li><\/ol><\/li><li>Home buyers in the Prairie provinces of <strong>Manitoba<\/strong> and <strong>Saskatchewan<\/strong> (combined results) want:<ol><li>Close to amenities, like stores, schools and community centres (47%)<\/li><li>Larger living space (44%)<\/li><li>Style and look of the home (43%)<\/li><\/ol><\/li><li>Home buyers in the <strong>Maritimes<\/strong> (combined results for New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland) want:<ol><li>Driveway and\/or garage (79%)<\/li><li>Style and look of the home (78%)<\/li><li>Spacious backyard or outdoor space (78%)<\/li><\/ol><\/li><\/ul><p>There were some surprising results. For instance, the <strong>desire to be close green space was highest in BC (16%)<\/strong>, while <strong>access and proximity to daycare and schools was highest for Ontario home buyers (6%)<\/strong>.<\/p><p><strong>Newfoundland &amp; Labrador home buyers led the country with 11% of buyers looking for green or energy efficient homes<\/strong>.<\/p><p><strong>Manitoba buyers had the largest desire for a new build home (7%)<\/strong>, while home buyers in <strong>New Brunswick showed the most interest in a dedicated home office (19%)<\/strong> or a home with luxury details, such as a Chef\u2019s kitchen or a built-in outdoor kitchen (7%).<\/p><h3><span>Millennials on the move in Canada\u2019s housing market<\/span><\/h3><p><span>In 2021, approximately <strong>1 in 3 Canadians planned a move<\/strong> \u2014 either to find a new rental unit or to buy a home. While <strong>baby boomers were the <em>least<\/em> likely to move (22%), millennials were the <em>most<\/em> likely to move (64%).<\/strong><\/span><\/p><p>Data from the <em>Finder: Consumer Sentiment Survey Q2<\/em> shows that the number of Canadians who plan to move in 2023 increased. This year, approximately <strong>1 in 4 Canadian plan to move<\/strong>, with <strong>20% of Gen Z Canadians planning to buy a home in the next 12 months<\/strong>, followed by <strong>16% of millennials, 12% of baby boomers and 11% of Gen X<\/strong>, or those between the ages of 47 and 58.<\/p><iframe id=\"datawrapper-chart-SDTxL\/1\/\" title=\"What generation plans to rent or buy a home in 2023?\" width=\"100%\" height=\"450\" scrolling=\"no\" src=\"https:\/\/datawrapper.dwcdn.net\/SDTxL\/1\/\" style=\"100%\" loading=\"lazy\"><\/iframe><h3>Gender differences when it comes to homeownership<\/h3><p>It appears that <strong>women are more likely to already be homeowners (35%)<\/strong>, take the lead in <strong>plans to become a homeowner (17%)<\/strong>, but also <strong>more likely to \u201crent for the foreseeable future\u201d in 2023 (25%). <\/strong><\/p><iframe id=\"datawrapper-chart-rehVa\/1\/\" title=\"Gender differences in renting or buying a home in 2023\" width=\"100%\" height=\"450\" scrolling=\"no\" src=\"https:\/\/datawrapper.dwcdn.net\/rehVa\/1\/\" style=\"100%\" loading=\"lazy\"><\/iframe><p>This is a marked difference from <strong>2021, when 28% of men planned to buy home compared to 21% of women.<\/strong><\/p><h3>Canada\u2019s Housing Market: Impact of major life events on home buying trends<\/h3><p>When the pandemic was first announced in March 2020, many analysts assumed the abrupt economic slowdown would prompt a crash in the Canadian housing market. It didn\u2019t. While there were a number of factors that helped buoy the Canadian housing market, the impact was a rush into homeownership with buyers willing to pay well over asking price in order to secure a home purchase.<\/p><p>Then there were the situational affects of the pandemic. When work-from-home was the only option for non-essential workers, we saw a migration of die-hard downtowners leaving metropolitan centres. Urbanites from large cities, like Toronto and Vancouver, began to leave the big city for actual greener pastures \u2014 much larger properties, with large front and backyards, located in sleeper communities and nearby small towns.<\/p><p>This was accompanied by a growing trend for multi-family living. Multiple generations and multiple households sharing one roof and one life in an effort to pay the bills and quarantine safely.<\/p><p>On the flip-side, the dissolution of marriages rose during the pandemic. As the divorce-rate climbed, so did the demand for new homes, as ex-spouses looked for suitable accommodation to restart their lives.<\/p><p>In the <em>Finder: New Home Wish List <\/em>survey, <strong>almost half of Canadians (45%)<\/strong>, planned to make a housing move in 2021 \u2014 with 30% of respondents planning to buy a home and 15% preparing to lease a new rental unit.<\/p><p>Two years later even more Canadians plan to buy a home. According to data from <em>Finder: Consumer Sentiment Survey Q2<\/em>, <strong>46% of respondents plan to buy a home \u2014 with 1 in 10 planning to buy a home between April and June 2023 and another 21% planning to buy a home within 4 to 12 months. <\/strong><\/p><h3>Bucking the trend: Canadians who plan to rent<\/h3><p>While buying a home tends to capture headlines, approximately one-third of Canadians are renters, according to the 2021 Canadian census. According to the <em>Finder: Consumer Sentiment Survey Q2 <\/em>survey results, <strong>27% of Gen Z<\/strong> Canadians plan to rent for the foreseeable future, followed by <strong>22% of Gen X<\/strong>, <strong>21% of baby boomers<\/strong> and <strong>18% of millennials<\/strong>.<\/p><h3>Infographic: Top home features in 2023 for Canadian home buyers<\/h3><p><img decoding=\"async\" title=\"Image: Finder\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/07\/Copy-of-CAF-Infographic-Template-FHL.png\" alt=\"Infographic: Top home features home buyers want in 2023\" width=\"800\" height=\"2000\" class=\"aligncenter size-full wp-image-1018850\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/07\/Copy-of-CAF-Infographic-Template-FHL.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/07\/Copy-of-CAF-Infographic-Template-FHL.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/07\/Copy-of-CAF-Infographic-Template-FHL.png?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/07\/Copy-of-CAF-Infographic-Template-FHL.png?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/07\/Copy-of-CAF-Infographic-Template-FHL.png?fit=1200 1200w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/07\/Copy-of-CAF-Infographic-Template-FHL.png?fit=2400 2400w\" sizes=\"(max-width: 2400px) 100vw, 2400px\" loading=\"lazy\"><\/p><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">Survey Methodology \u2014 <em>Finder: Consumer Sentiment Survey Q2<\/em> + <em>Finder: New Home Wish List<\/em><\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p><span data-sheets-value='{\"1\":2,\"2\":\"Survey Methodology - Finder: Consumer Sentiment Survey Q2 2023\\nThe results of the Finder: Consumer Sentiment Survey Q1 were collected through an online Pollfish survey conducted between April 27 to 29, 2023. In the survey, 1,011 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +\/- 3.08%, 19 out of 20 times.\"}' data-sheets-userformat='{\"2\":8961,\"3\":{\"1\":0},\"11\":4,\"12\":0,\"16\":8}'>The results of the <em>Finder: Consumer Sentiment Survey Q2<\/em> (<em>Finder: Consumer Sentiment Survey Q2<\/em>) were collected through an online Pollfish survey conducted between April 27 to 29, 2023. In the survey, 1,011 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +\/- 3.08%, 19 out of 20 times.<\/span><\/p><p>The findings of the <em>Finder: New Home Wish List<\/em> survey are based on an online Pure Profile survey conducted in November 2020, where 1,142 Canadian adults (18+) were asked about their opinions on what they would look for in a new home. The estimated margin of error for the survey is +\/-3.0%. Certain regions or demographic groups were omitted from more specific analysis due to a lack of statistically significant responses.<\/p><\/div>\n  <\/div>\n<\/li><\/ul><div class=\"box has-shadow\">\n<h3>About Finder<\/h3>\n<p><a href=\"https:\/\/www.finder.com\/ca\">Finder<\/a> is a personal finance comparison site with a mission to help Canadians save, invest, spend wisely and grow their wealth. Each month, Finder provides half a million Canadians \u2013 and more than five million globally \u2013 with independent and trustworthy financial information. Our goal is to help people make better financial decisions by providing objective, comparative insight on thousands of products and services.<\/p>\n\n<p>As a global fintech website and app, Finder provides consumers free access to smart money content. Whether it's expert insight, product or service comparisons or independent reviews, Finder helps consumers stay on top of their finances while saving time and money.<\/p>\n\n<p>Finder is available to consumers in Canada, Australia, America and the United Kingdom. Initially launched in 2006 by three Australians \u2013 Fred Schebesta, Frank Restuccia and Jeremy Cabral \u2013 Finder's global reach now includes thousands of products and services in hundreds of financial categories and provides expert content and independent reviews to more than five million users each month.<\/p>\n\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Larger living space and a garage still top the list of most desirable features, but Canada&#8217;s housing market trends continue to shift. Here&#8217;s what buyers want in 2023. <\/p>\n","protected":false},"author":1275,"featured_media":1016352,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"nicheCode":"","productId":"","enableOptimizely":false,"_persistent_nav_menu_items":[],"blockTemplateId":"","_post_hreflang":"en","related_url":"\/canada-housing-market","workflow-intro":"","workflow-faq":"","workflow-conclusion":"","workflow-benefits":"","workflow-overview":"","workflow-test":"","footnotes":""},"categories":[5949],"tags":[107302,47076,107226],"asset_tag":[],"class_list":["post-936166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","tag-cst-research","tag-finder-stats","tag-research-post"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Canada housing market statistics | What buyers Want (+Infographic)<\/title>\n<meta name=\"description\" content=\"While a larger living space is still desirable to buyers, Canada&#039;s housing market trends continue to shift.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/ca\/research\/canada-housing-market\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canada Housing Market: Features home buyers really want in 2023 (+ infographic)\" \/>\n<meta property=\"og:description\" content=\"While a larger living space is still desirable to buyers, Canada&#039;s housing market trends continue to shift.\" \/>\n<meta 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