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• Zolo’s 2023 Canada Housing Market Report found that almost half of Canadian homebuyers relied on financial support from family members, with 47% receiving money from family to boost their down payment and 24% using their partner’s family’s money.
• Younger homebuyers are turning to social media, with 49% of Generation Z browsing properties on Instagram, while boomers and Generation X use real estate listing websites as their primary source.
• Despite an extended browsing period of one to two years, most respondents still viewed their homes in person between two and four times before making an offer.

The Canadian housing market experienced a significant shift in 2022, with changes in consumer demand and low inventory leading to a reversal in the trend of record-breaking home prices. 

Online real estate marketplace, Zolo, surveyed 800 Canadians to gain insight into how, when, where and why they purchased homes in 2022.

The results, outlined in the 2023 Canada Housing Market Report, reveal surprising changes in homebuying habits.

Family support

One of the most significant findings is that almost half of Canadian homebuyers relied on financial support from family members in 2022; 47 per cent of survey respondents reported receiving money from family to boost their down payment, and 24 per cent used their partner’s family’s money to make the purchase. 

These financial gifts are becoming increasingly essential in making housing more attainable, especially in today’s landscape of high mortgage rates, according to Zolo.

Source: Zolo

Buying habits

As agents continue to shift how they interact with clients, they must adapt to meet the evolving needs of each generation; millennials and other younger generations differ from their older counterparts in their house-hunting techniques. 

While boomers and Generation X use real estate listing websites as their primary source, younger home buyers are turning to social media, with 49 per cent of Generation Z browsing properties on Instagram. 

Millennials and Generation Z are also much more decisive in knowing what they want, as the majority only view between one to three homes, according to Zolo. 

This decisiveness contrasts with the less assertive Generation X and Boomers, who typically view between four to six. 

Source: Zolo

Browsing period

The survey also found that Canadian homebuyers are starting their house-hunting journey years in advance; 47 per cent of respondents spent one to two years browsing real estate listings before beginning their search in earnest. 

This extended browsing period may be due to the widespread use of social media and real estate websites to find ideal homes before viewing them in person.

Source: Zolo

Despite the convenience of virtual viewings and long-distance purchases, most respondents viewed their homes in person between two and four times before making an offer. This finding suggests that personal touch and physical presence are still highly valued in the buying process.

REM Editorial Team