Wahi’s 2024 Homebuyer Intentions survey found that two of the top reasons Canadians sell their homes are about size. Contradictory to much talk about high living costs and interest rates, affordability wasn’t a top motivator.
The survey asks Canadians if they plan to put their homes up for sale over the next few years and why. It found that 11 per cent of homeowners who say they plan to sell within the next five years will do so at least partly because of financial strain or to repay debt (including mortgage debt).
“While it’s a challenging time whenever someone is forced to sell their home, the survey results indicate that this remains relatively uncommon in the Canadian housing market compared to other reasons for selling,” says Wahi CEO Benjy Katchen. “The Bank of Canada’s recent rate cut should also provide some relief for homeowners,” he adds.
Downsizing: Biggest reason Canadians choose to sell
Respondents could choose from multiple reasons for selling, and their responses varied greatly by age. The biggest reason to sell was downsizing (37 per cent):
“The fact that downsizing is a priority for so many home sellers only makes sense given Canada’s aging population,” Katchen explains. He notes that just 1 per cent of downsizers were aged 18 to 34, 30 per cent were aged 35 to 54 and the majority (69 per cent) were aged 55 and up.
Chosen by 25 per cent of respondents, upsizing was tied with relocation as the second-most popular reason for selling. About 94 per cent of those looking to upsize are 18 to 54 years old, with 6 per cent of those aged 55 and up looking for the same.
Of those looking to relocate, the primary reason (cited by 53 per cent) was to seek a better quality of life. This was more common for rural community dwellers (62 per cent) than for urban dwellers (51 per cent).
Ideal market conditions: Most important in getting desired sale price
Of the respondents planning to sell within five years, they cited their three most important priorities or steps to achieving their desired sale price, from a list of seven.
About 23 per cent say waiting for the right market conditions is most important, followed by a tie between renovations or repairs and finding a good realtor (both at 16 per cent).
Only 15 per cent said waiting for appealing interest rates was most important to them, while home staging, seasonality and enhancing curb appeal were cited as most important by 9 per cent, 7 per cent and 7 per cent, respectively.
