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.
(Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald, covering sports, crime, politics, health, faith, city and breaking news, and business. He works as well as a freelance writer for several national publications and as a consultant in communications and media relations/training. Mario was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)

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