Single family homes still reign supreme
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New study notes disconnect between idea of a dream home and the majority of what is being built in the GTA
Owning a renovated, three-bedroom single detached home in or near a city remains the most popular choice of residence among Canadians, according to Wahi’s 2024 Great Canadian Dream Home survey.
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“Home ownership is embedded in the Canadian psyche. It’s just so pervasive in the Canadian culture, I don’t see it ending any time soon,” said Wahi CEO Benjy Katchen, noting that even people who immigrate to Canada from countries where rentals are the norm often aspire to “have more space and a bigger house.”
The survey, conducted among Canadians who are members of the Angus Reid Forum, examined what kind of home appeals to would-be buyers across the country.
Overall, 64 per cent said they prefer a single family home with 38 per cent preferring to live in the suburbs and 34 per cent preferring urban areas. More than half (64%) are looking for homes that are already updated with modern features and finishes – an indication that household budgets are tight, he said.
In Ontario in particular, the appeal of working remotely from a more affordable and spacious country residence appears to have waned. This could be because employers are starting to mandate a return to the office two to three days per week, making for a long commute in most cases, but families raising young children are also expressing a desire to be closer to recreational programs and schools, reflected Katchen.
“There were a lot of people who thought they could just park themselves at a farm or lake house during COVID and never see people again, but the reality is economic opportunities are in the city,” he said.
What stands out most from the Ontario portion of the survey, he added, is the disconnect between the reported ‘dream home’ and the majority of the product currently being built by developers in the GTA and surrounding areas, which is heavily geared towards condos and townhomes.
Home builders have to respond to what people can afford and that means even though buyers aspire to own a three-bedroom, renovated, single family detached home, most are forced to start with something else.
“Perhaps people’s first home isn’t the dream. It’s a ladder into the housing industry,” said Katchen. “Given the affordability restraints we’ve had … that dream may not come alive for some people until a little bit later in their career or when their kids are older.”
Atlantic Canada was the only region surveyed where the majority of respondents reported a desire to live in a rural setting (58%).
One reason could be that one in two Atlantic Canadians already live in rural areas, according to a recent Government of Canada statistic.
Not surprisingly, the preference to own a single family home was highest in Saskatchewan/Manitoba (82%), Atlantic Canada (77%) and Alberta (72%) where home prices remain affordable.
For example, the median sale price for a detached home in Saskatchewan is $330,000 compared to about $950,000 in Ontario and B.C.
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