The single-family home is the preferred type of home wanted by Canadian homebuyers, despite efforts by all levels of government to promote multi-family homes as the favoured type, according to a survey by online real estate portal Wahi. The 2024 Great Canadian Dream Home Survey, conducted online among members of the Angus Reid Forum, asked Canadians what kind of home they’d like to own, from property type and location to size and condition. Respondents were aged 18 and up and had indicated that they may or probably will buy a home in the next five years. The survey found 64% of potential homebuyers would opt for the single-family home, which includes detached and semi-detached properties but excludes townhomes and apartments Potential homebuyer respondents preferred larger, renovated homes with three bedrooms as the leading choice (43%) and properties located in suburban (38%) or urban (34%) neighbourhoods rather than rural (28%) communities. The survey builds on the findings of a previously released Wahi poll that found that, even with higher interest rates and elevated home prices, about one-in-five Canadians say they’ll probably or may buy a home this year. The latest results varied by province and demographic group said Wahi CEO Benjy Katchen. “While nearly two-thirds of respondents nationwide chose a single-family home as their preferred property, 52% of respondents from BC did so. That’s the least of any province and may be at least partly due to the high cost of housing in the province,” said Katchen. “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.” Katchen noted Quebec, another province with affordability challenges in urban centres, also had a relatively lower share of respondents who favour single-family homes at 60%. “Conversely, respondents from more affordable provinces showed a stronger preference for single-family homes, led by Saskatchewan and Manitoba at 82%, Atlantic Canada at 77% and Alberta at 72%," said Katchen. Younger potential homebuyers were most likely to prefer a single-family home, with 67% of those aged 18 to 34 wanting this type of home, followed closely by respondents aged 35 to 54 at 66%, while just half of those aged 55 and up, some of whom may be planning to downsize, want their next home to be a single-family home. Preferred location of homes was less clear in the survey, said Katchen. “Some 38% said they wanted a home in the suburbs, while 34% would rather an urban setting and 28% opted for life in the country,” he said. “Atlantic Canada was the only region where the majority of respondents wanted to live in a rural setting (58%). This could be because a high share of Atlantic Canadians already live in rural communities,” he added. “While just one in five Canadians reside in rural areas, the share increases to 50% in Atlantic Canada.” Younger Canadians also liked suburban or urban settings best. For those 18 to 34, the suburbs (38%) and the city (34%) were preferable to the country (28%). The same was true among the 35-to-54 set, with 40% selecting the suburbs, 36% liking an urban area best, and 25% choosing a rural area When asked to choose between a fixer-upper, a tear-down, or a renovated home, most Canadians chose the latter (64%), with 23% choosing a fixer-upper, and just 2% had a total tear-down on their wish list. Some 12% were undecided. “It appears older Canadians generally don’t want the hassle of home improvements when house hunting, with buyers aged 55-plus more likely to prefer renovated homes (74%) than their younger peers: 18-34 (59%), 35-54 (66%),” said Katchen. Wahi is an online real estate portal, supplying news, information and advice about rales estate, as well as homes listed for sale across Canada.
