Canadians who are house shopping in 2013 are looking for more than granite countertops and hardwood floors. According to recent research, it’s all about the family – a trait we share with our neighbours across the border.
Both Canadians and Americans cite growing families as the main deciding factor in purchasing a new home. According to real estate professionals, almost three-quarters of their clients are motivated to look for a new home when they outgrow the old one thanks to their growing families.
But once the decision is made, Canadians and Americans may be looking for different things in their new homes. While top priorities remain the same – a safe neighbourhood, proximity to amenities and affordability – Canadians are more energy-conscious and maintenance-shy.
According to a study of Ontarians planning to purchase a home in 2013, ongoing home maintenance is an important consideration. Conducted by the Ontario Real Estate Association (OREA), the OREA State of the Market survey released in mid-2012 indicated 85% of buyers were concerned about maintenance of big yards and what’s covered by condo management fees.
Energy costs remain a major issue for most Canadians, as many sellers conduct energy audits and invest in energy-saving renovations to make their properties more saleable.
Growing families find quality of neighbourhood schools an important factor in the purchasing decision and want to be closer to jobs to carve out more family time.
So Canadians with growing families are looking for safe neighbourhoods close to work and amenities. They prefer single-family housing but are concerned about maintenance and energy costs. Their preference is for a home that is move-in ready, and they want to feel they’ve gotten a great deal.
In a way, it’s not that different from previous generations seeking homes where their families can grow up in safe neighbourhoods with the local grocery store and schools nearby.