Good news: Many Canadians still think real estate is a good investment. Bad news: Many of them are currently not buying.
The 2017 RBC Home Ownership Poll revealed a different home-buying temperament. While 80 percent of the respondents still believe a home is a good asset, only 25 percent are planning to buy one this year. That’s lower than 29 percent in the past year. House affordability and the belief that prices can still go down are some of the top reasons they are delaying the purchase.
The biggest chunk of current home buyers comprises 30-year-olds with over 50 percent of them now living in their own homes. This, however, is still lower than 55 percent of the baby boomers in 1981.
Home sellers, therefore, are faced with a challenge: how do they attract buyers faster than their competition? The answer is to understand buyer needs, says Taps and Stone, Ontario’s leading supplier of kitchen and bath products.
What Buyers Are Searching For
The 2017 Canadian Home Buyer Preference National Study involved almost 3,000 buyers who answered what they’re looking for in a home.
The data then revealed most still prefer a single, detached house. Although, more would like to live in a two-story structure than a bungalow property. Price also remains a significant concern with some willing to live far from work or school or to live in unfinished spaces if it means paying less.
Best Home Features
If home sellers were to upgrade only one section, it should be the kitchen. This ranks as one of the top best-selling features in a home.
Home buyers, however, have developed more specific tastes when it comes to their kitchen. Working with hundreds of customers each year, the company points out how buyers like more energy-efficient solutions such as motion-sensitive taps or contemporary stone countertops that are easy to clean and maintain.
They are also looking for a home with a lot of storage, good security, and a laundry room. They also want spaces, opting for an open-plan layout for the dining, kitchen, and living areas.