Canadians Still Favor Single Family Homes Despite Affordability Challenges Survey Finds
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A new survey from Wahi reveals that 64% of Canadians prefer single-family homes, especially in suburban (38%) and urban (34%) areas, with three-bedroom homes being the most popular choice. Despite ongoing affordability challenges, many Canadians continue to aspire to homeownership, with around 20% indicating they may purchase a home in 2024.
The survey also highlights regional differences in preferences. In more affordable provinces like Saskatchewan/Manitoba (82%) and Atlantic Canada (77%), the preference for single-family homes is stronger, with a majority in Atlantic Canada preferring rural living. In contrast, only 52% of respondents in high-cost regions like British Columbia prefer single-family homes, where urban condominiums are more attractive due to proximity to city amenities.
Younger Canadians (18-34) show a strong preference for single-family homes (67%), particularly in urban areas, while older generations (55+) lean toward downsizing, with half choosing single-family dwellings. Additionally, most Canadians (64%) prefer renovated homes, especially older buyers seeking turnkey properties to avoid renovation hassles. Only a small fraction (2%) are interested in complete tear-downs.
Read the full article on: REAL ESTATE MAGAZINE
