Online house seekers looking for their “unicorn of a house” – Canada News

A recent study of homebuyer research shows that the average Canadian home seeker is looking for homes that are way below average in terms of prices, with expectations that don’t match the reality of the turbulent housing market.

After analyzing 5 million searches conducted this year on the real estate market, the study found that the price range most sought by home buyers was between $ 200,000 and $ 300,000, less than half of the last average price. national home of $ 640,000.

Tim Hill, a RE / MAX real estate consultant working in the Lower Mainland, said a single-family home priced at $ 200,000 to $ 300,000 doesn’t exist.

The study results indicate a profile of the average Canadian home seeker between the ages of 25 and 34, looking for a 1,000-2,000 square foot home, priced between $ 200,000 and $ 300,000 and ideally with a garage and a view of the water, says Alexandra Ciuntu, co-author of the study.

He says many house seekers are looking for a “house unicorn”.

“This is despite the fact that a reasonably priced 2,000-square-foot waterfront home in major Canadian cities is the definition of wishful thinking,” he said.

“Regardless of the budget, it is in the nature of the buyer to explore cheaper alternatives before setting a realistic limit. For example, first-time buyers looking to put a foot on the property ladder are believed to be more inclined to consider cheaper options before making such an important decision for the first time in their life.

Many homebuyers may also be looking for homes priced below the national average because they are hoping for a cooling, as well as taking the pulse of the market, Ciuntu says.

“The most recent drop in house prices doesn’t necessarily mean they can expect cheaper options, with some experts believing that cooling may not improve the affordability of housing and could end up hurting the economy,” he said.

The majority of home seekers in 2022, 62%, prioritized searches for a single-family home, compared to 14% of searches aimed at condominiums.

Ciuntu says this is indicative of the need for post-pandemic space that has been a driving factor in the market for the past couple of years.

Although most home seekers in BC are looking for a home, the data shows that, unlike in other provinces, there is still substantial interest in other types of property. Of the cities analyzed, Burnaby was the exception, with 60% of home seekers looking for condos. Richmond and Surrey also recorded above-average numbers, with 47 and 39.5 percent, respectively, of home seekers preferring apartments in their searches.

“Burnaby is an expensive city. I agree that first time buyers especially buy condos there. I know my transactions in Burnaby have been mostly condos, especially on the purchasing side, ”Hill said

The farther you are from urban centers like Vancouver, the more likely you’ll be looking for a detached house rather than an apartment building, according to Hill.

Leave a Comment