What Homebuyers Want: Survey Reveals Key Insights for Sellers in the Canadian Real Estate Market
TORONTO, May 30, 2023 /CNW/ - As the spring selling season kicks into high gear, home sellers across Canada are seeking insights into what today's homebuyers want.
Survey reveals that single-family suburban homes still reign supreme despite high housing prices.
TORONTO, May 30, 2023 /CNW/ - As the spring selling season kicks into high gear, home sellers across Canada are seeking insights into what today's homebuyers want. In response to this question, Zolo, a Canadian real estate marketplace, asked 800 Canadians to shed light on the most sought-after features and preferences in homes in 2023.
According to the survey, What Homebuyers Want 2023, a staggering 62% of respondents strongly preferred fully detached homes in the suburbs. Additionally, 71% of prospective buyers revealed their desire to move to suburban or rural areas. This aligns with the trend of individuals migrating from cities to smaller towns across Canada.
Other notable results include:
- Gen Z buyers prefer large, contemporary homes in good condition, whereas millennials prefer Victorian-style homes. Meanwhile, Gen X and baby boomers expressed a stronger affinity for bungalows.
- Price remains a critical factor influencing home purchase decisions, with 66% of respondents identifying it as the primary deal breaker.
The survey also revealed a shift in the ideal home size, with a three-bedroom, two-bathroom layout considered the new standard, a full bedroom less than in years past. This trend reflects the impact of rising home prices on buyer preferences.
Zolo's survey also revealed valued insights for home sellers looking to attract buyers in the current market. When planning pre-sale home renovations, sellers should focus on these areas identified as "must-haves" by home buyers:
- A main floor bathroom (54%)
- An updated kitchen (53%)
- Outdoor spaces like a patio, deck, or outdoor space (50%)
According to Zolo's content marketing manager and spokesperson, Jordann Kaye, "Understanding the evolving preferences of homebuyers is crucial for sellers in today's competitive Canadian real estate market. Our survey results provide valuable insights that can guide sellers in making informed decisions to enhance their chances of attracting buyers."
Zolo is one of Canada's most popular national real estate marketplaces. Each month, over 10 million home shoppers use Zolo to level up how they buy, sell, rent, finance, and learn about real estate.
SOURCE Zolo
