2023 Canada Housing Market Report discovered that nearly 50% of Canadian homebuyers received financial assistance from their families, with 47% using family funds to increase their down payment and 24% utilizing their partner’s family’s finances.
Younger buyers are turning to social media to search for homes, with 49% of Generation Z browsing properties on Instagram, while older generations rely on real estate listing websites as their primary source.
Despite an extended browsing period of one to two years, most respondents still viewed their prospective homes in person between two and four times before making an offer.
The Canadian housing market underwent significant changes in 2022, with a shift in consumer demand and low inventory resulting in a reversal of the trend of skyrocketing home prices.
800 Canadians were surveyed to gain insight into their home-buying habits, resulting in the surprising findings outlined in the 2023 Canada Housing Market Report.