When it comes to where Canadians are living, there’s a wide gap between what people want and what they currently have.
More than half of Canadians — 55 per cent — say they are not living in their ideal home, according to a new Ipsos survey, conducted for Century 21 Canada.
Space is a major factor. Nearly two-thirds (63 per cent) of respondents said they would prefer a larger home, with the average ideal size coming in at about 2,098 square feet, roughly 600 square feet bigger than what many currently have.
When it comes to layout, the preferences are fairly consistent: three bedrooms and 2.5 bathrooms top the list for most Canadians.
The desire for a “traditional home” also remains strong. About 59 per cent of Canadians say a single detached house is their ideal, compared to 51 per cent who currently live in one.
“The Canadian dream of owning a moderate stand-alone house… is as relevant today as it ever has been,” said Todd Shyiak, executive vice-president of Century 21 Canada.
While 13 per cent of Canadians live in homes under 500 square feet, only four per cent say that size is ideal. However, bigger is not always better. While eight per cent of Canadians report living in a home of more than 3,000 square feet, only 19 per cent would find that the ideal size.
Beyond size, buyers are also thinking about livability. Condition of the home (40 per cent), neighbourhood (38 per cent), space for family or pets (32 per cent) and access to a yard (29 per cent) all ranked among the top priorities.
“What struck me in the results is the satisfaction gap between owners and renters,” said Sean Simpson, senior vice-president of Ipsos Public Affairs, noting that “80 per cent of homeowners say they love their home… compared to just 50 per cent of renters.”
Affordability still the biggest hurdle
Wanting a different home and being able to afford one are two very different things. Nearly six in 10 Canadians (59 per cent) said price is the biggest barrier to getting into their ideal home.
Other obstacles include the cost and hassle of moving (34 per cent) and saving for a down payment (14 per cent).
Even so, some Canadians are preparing to make a move. Nineteen per cent said they are likely to buy a home within the next year, and more than half of those (55 per cent) would be first-time buyers.
Among those planning to purchase, the average budget is about $677,000, slightly below the national average home price of $698,881, according to Statistics Canada.
The results are based on an online survey of 2,300 Canadians ages 18+ between Feb. 6 and 10.
