64% of homebuyers want a single-family house in Canada: dream home survey

A new survey reveals what Canadians are looking for in a dream home.

From condos to townhouses, the suburbs or countryside — a new poll from digital real estate platform Wahi asked Canadians what they are looking for in a home purchase.

Wahi’s 2024 Great Canadian Dream Home Survey was conducted online among members of the Angus Reid Forum. Respondents were aged 18 and up and had indicated that they may or probably will buy a home in the next five years.

The Bank of Canada interest rate cuts are expected to boost the real estate market, experts predict. But many Canadians are struggling with cost-of-living challenges.

However, an earlier Wahi survey found one in five Canadians still plan to buy a home in 2024, despite affordability challenges.

This latest survey found Canadian homebuyers prefer renovated, single-family homes in the suburbs.

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Most Canadians, 64 per cent, want a single-family home, which includes detached and semi-detached properties but excludes townhomes, Wahi said.

Potential homebuyers also preferred larger, renovated homes (64 per cent) — three bedrooms was the leading choice (43 per cent) — and properties located in suburban (38 per cent) or urban (34 per cent) neighbourhoods rather than rural (28 per cent) communities.

There are differences in each province.

A smaller share (52 per cent) of respondents from B.C. said they want a single-family home. Condos may be a more realistic choice due to the high cost of housing in the province.

“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,” said Wahi CEO Benjy Katchen.

Respondents from more affordable provinces showed a stronger preference for single-family homes, led by Saskatchewan/Manitoba (82 per cent), Atlantic Canada (77 per cent), and Alberta (72 per cent).

Atlantic Canada was the only region where the majority of respondents wanted to live in a rural setting (58 per cent). This could be because a high share of Atlantic Canadians already reside in rural communities.

Wahi also looked at differences between age groups.

Younger Canadians liked suburban or urban settings best. For those 18 to 34, the suburbs (38 per cent) and the city (34 per cent) were preferable to the country (28 per cent).

The same was true among the 35-to-54 set, with 40 per cent selecting the suburbs, 36 per cent liking an urban area best, and 25 per cent choosing a rural area.

Younger potential homebuyers were most likely to prefer a single-family home, with 67 per cent of those aged 18-34 wanting this type of home, followed closely by respondents aged 35-54 at 66 per cent.

In comparison, just half of those aged 55 and up want their next home to be a single-family dwelling.

See the full report here.

Lead photo: MART PRODUCTION