One of the biggest, and most welcomed, change in Canadian real estate markets over the last 12 or 18 months is the increase in homes for sale. Even the Greater Toronto Area, where sales-over-listing-prices were common not long ago, finds itself with higher listings, particularly in the condo market. In Calgary in May, the market finished the month with an 8% increase in active listings, year-over-year and as of June 19, listings were up 3% from the same period in 2023. Increased listings mean prices rise at a slower rate, or, more likely, stabilize or fall slightly as sellers look for buyers. Why the turn around? Real estate website Wahi conducted a survey of Canadians to find out why more have listed their homes for sale, finding the top three reasons came down to size. On the Wahi website, Josh Sherman writes, “Despite generationally high interest rates and seemingly nonstop headlines about soaring living costs, few Canadians are being forced to sell their homes because they can’t afford them.” Wahi’s 2024 Home Seller Intentions Survey asked homeowners across Canada whether they plan to put their homes on the market over the next several years and, if so, why? Overall, just one in 10 homeowners (11%) who say they will be selling within the coming five years are doing so at least in part because of financial strain or debt repayments, including on mortgages. “While it’s a challenging time whenever someone is forced to sell their home, the survey results indicate that this remains relatively uncommon in the Canadian housing market compared to other reasons for selling,” says Wahi CEO Benjy Katchen. “The Bank of Canada’s recent rate cut should also provide some relief for homeowners.” Survey respondents could choose multiple reasons for selling, with responses varying by age, hinting at different trends among different demographics. Among Canadians who expressed home-selling intentions, 37% said their motivation was downsizing. “The fact that downsizing is a priority for so many home sellers only makes sense given Canada’s aging population,” says Katchen, adding just 1% of downsizers were aged 18-to-34 and 30% were aged 35-to-54. Of home sellers who are downsizing, the majority (69%) were aged 55 and up. Overall, upsizing (25%) was tied with relocation as the second most popular reason cited for selling. Some 94% of those looking to upsize are 18-to-54 years old, with only 6% of 55+ looking for larger lodgings. Once respondents identified they had plans to sell within five years they were asked to choose what they consider are the most important steps to closing a sale at their ideal sale price, ranking their top three priorities from a list of seven. Waiting for the right market conditions as the most important factor scored with 23% of respondents, followed by renovations or repairs (16%), and finding a good realtor (16%). “Perhaps somewhat of a surprise given recent interest rates, just 15% of prospective sellers cite waiting for appealing interest rates as the most important factor,” writes Sherman, adding much smaller shares of home sellers listed home staging (9%), seasonality (7%), and enhancing curb appeal (7%) as most important. Of the group of sellers planning to list and relocate, the most common reason behind the move is looking for a better quality of life (53%). Those who live in rural communities are more likely to say they are looking for a better quality of life (62%) than their urban counterparts (51%). Methodology Wahi’s 2024 Home Seller Intentions Survey was conducted from May 10 to 14, 2024, among a representative sample of 1,501 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.53 percentage points, 19 times out of 20.
One of the biggest, and most welcomed, change in Canadian real estate markets over the last 12 or 18 months is the increase in homes for sale. Even the Greater Toronto Area, where sales-over-listing-prices were common not long ago, finds itself with higher listings, particularly in the condo market. In Calgary in May, the market finished the month with an 8% increase in active listings, year-over-year and as of June 19, listings were up 3% from the same period in 2023. Increased listings mean prices rise at a slower rate, or, more likely, stabilize or fall slightly as sellers look for buyers. Why the turn around? Real estate website Wahi conducted a survey of Canadians to find out why more have listed their homes for sale, finding the top three reasons came down to size. On the Wahi website, Josh Sherman writes, “Despite generationally high interest rates and seemingly nonstop headlines about soaring living costs, few Canadians are being forced to sell their homes because they can’t afford them.” Wahi’s 2024 Home Seller Intentions Survey asked homeowners across Canada whether they plan to put their homes on the market over the next several years and, if so, why? Overall, just one in 10 homeowners (11%) who say they will be selling within the coming five years are doing so at least in part because of financial strain or debt repayments, including on mortgages. “While it’s a challenging time whenever someone is forced to sell their home, the survey results indicate that this remains relatively uncommon in the Canadian housing market compared to other reasons for selling,” says Wahi CEO Benjy Katchen. “The Bank of Canada’s recent rate cut should also provide some relief for homeowners.” Survey respondents could choose multiple reasons for selling, with responses varying by age, hinting at different trends among different demographics. Among Canadians who expressed home-selling intentions, 37% said their motivation was downsizing. “The fact that downsizing is a priority for so many home sellers only makes sense given Canada’s aging population,” says Katchen, adding just 1% of downsizers were aged 18-to-34 and 30% were aged 35-to-54. Of home sellers who are downsizing, the majority (69%) were aged 55 and up. Overall, upsizing (25%) was tied with relocation as the second most popular reason cited for selling. Some 94% of those looking to upsize are 18-to-54 years old, with only 6% of 55+ looking for larger lodgings. Once respondents identified they had plans to sell within five years they were asked to choose what they consider are the most important steps to closing a sale at their ideal sale price, ranking their top three priorities from a list of seven. Waiting for the right market conditions as the most important factor scored with 23% of respondents, followed by renovations or repairs (16%), and finding a good realtor (16%). “Perhaps somewhat of a surprise given recent interest rates, just 15% of prospective sellers cite waiting for appealing interest rates as the most important factor,” writes Sherman, adding much smaller shares of home sellers listed home staging (9%), seasonality (7%), and enhancing curb appeal (7%) as most important. Of the group of sellers planning to list and relocate, the most common reason behind the move is looking for a better quality of life (53%). Those who live in rural communities are more likely to say they are looking for a better quality of life (62%) than their urban counterparts (51%). Methodology Wahi’s 2024 Home Seller Intentions Survey was conducted from May 10 to 14, 2024, among a representative sample of 1,501 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.53 percentage points, 19 times out of 20.
