What do Canadians want most in a home? Buyers still dream of renovated, suburban single-family houses

A new survey from Wahi that explored what type of home Canadians would most like to buy reveals that many homebuyers still dream of owning a renovated single-family home in the suburbs, despite ongoing affordability challenges.

Single-family homes preferred among nearly two-thirds of homebuyers; most want suburban living

The survey found that 64 per cent of potential homebuyers prefer single-family homes, particularly those that are larger, renovated and located in suburban (38 per cent) or urban (34 per cent) neighbourhoods. Three-bedroom homes were the most popular option (43 per cent), with only 28 per cent of respondents opting for rural living.

What’s more, a previous Wahi poll found that despite elevated interest rates and home prices, about 20 per cent of Canadians say they’ll probably or may buy a home in 2024.

Regional and demographic differences

However, regional differences emerged. In provinces with more affordable housing markets, like Saskatchewan/Manitoba (82 per cent) and Atlantic Canada (77 per cent), the preference for single-family homes was even stronger. Atlantic Canada was also the only region where most respondents (58 per cent) wished to live in a rural area.

Meanwhile, high-cost provinces like British Columbia saw a lower demand for single-family homes, with only 52 per cent of respondents choosing this option.

“Canadian cities like Vancouver, Montreal and Toronto all have great urban cores with lots to do, so some potential homebuyers may also choose condominiums to be closer to the action,” explains Wahi CEO Benjy Katchen.

Younger Canadians (18-34) are most likely to prefer single-family homes, with 67 per cent wanting this type of property, though they also prefer urban settings (34 per cent), while older generations (55+) are more inclined to downsize, with only 50 per cent choosing single-family dwellings.

Turnkeys favoured over fixer-uppers

When it comes to the condition of their future homes, the majority of Canadians (64 per cent) would prefer a renovated property, with older buyers (55+) especially drawn to turnkey homes to avoid the hassle of renovations.

About 23 per cent would consider a fixer-upper, but only 2.0 per cent are interested in a complete tear-down.

While the dream of homeownership has evolved, Wahi’s survey shows that Canadians still prioritize suburban living and single-family homes, even in today’s competitive real estate market.