A new report from Zolo reveals significant changes in home buying for Canadians in recent years.
Zolo
The 2023 Canada Housing Market Report found:
- From 2020 through 2021, home prices broke records nationwide, with high consumer demand and a low inventory of homes for sale. However, in 2022, that trend started to reverse, leading to real estate markets that look dramatically different;
- 47 per cent of homebuyers reported receiving money from family to boost their down payment;
- Family financial support is increasingly critical in home buying for almost half of Canadians;
- 47 per cent of homebuyers spent one to two years browsing real estate listings before starting to house hunt in earnest
- Virtual viewings and long-distance purchases are out of favour – in 2022, most respondents viewed their homes in person between two and four times before making an offer;
- 24 per cent of respondents reported using their partner’s family’s money to make that purchase;
- When people did start looking, 31 per cent of them only viewed between four and six homes before making an offer.
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