20 Jul What Do Canadians Want When Purchasing a New Home?
When purchasing a new home in Canada, there are certain things that the majority of buyers seek to fulfil before making a purchase, and while these can vary according to the year and the individual circumstances of homebuyers, many follow patterns in the market.
The ongoing health pandemic has of course altered the way many Canadian homebuyers’ shop for a mortgage and a property, and has changed their priorities, too.
Being able to afford a property
Affordability remains the most important aspect of a property for many Canadian homebuyers, and they often base their entire homebuying decision around it. Recent studies have consistently shown that for four out of five Canadians, if a property isn’t within their budget without them having to make significant adjustments to their budget or seek loans, they won’t progress with the purchase.
As well as affordability, many Canadian homebuyers also take the number of rooms in a property into consideration, and how close it is to public transit hubs. With the pandemic in mind, outside space and property boundaries have also become more recent priorities. Many homebuyers, according to a recent poll, stated that the neighborhood the property was in did play a role in their decision making, but most said this was a desire, as opposed to an essential need that would significantly impact their final decision.
Many house hunters also prefer to buy a new home instead of one that may be cheaper, but which requires some restoration or remodeling work. A significant decrease in the number of Canadian homebuyers looking for move-in ready homes was also noted in studies, with a paltry 6% wanting a turnkey house.
What Canadian homebuyers want, and what they need:
When it comes to affordability, a whopping 80% of Canadian homebuyers surveyed put this as a need, rather than a want, and the number of rooms in a property showed similar results. Almost 70% needed the property to be close to public transit, while the condition of the property saw a 50/50 split between those who wanted to be able to move straight into it, and those who needed to. What type of home the property was also saw a 50/50 split between those surveyed.
50% of surveyed homebuyers wanting outdoor space attached to a property, and/or a home that was close to nature and outdoor spaces, while more than 70% wanted a home that is ready to move into right away.
If you’re not entirely sure what you want from a new home, it’s best to have a clear idea of your priorities in mind before you begin your search, and that way you can prevent your heart from overtaking your head when it comes to making important financial decisions that could have an impact on the rest of your life!
For further advice and guidance about house hunting and mortgage approval, seek advice from a local realtor and qualified mortgage broker.