The typical homebuyer may surprise you

by Justin da Rosa19 Aug 2016
A new study points to the typical homebuyer -- and who, exactly, agents should be targeting.

A study by Point2Homes Canada analysed the online searching habits and, over the course of three months and with a total of 6 million browsing sessions, the listings aggregator believes it has assembled an accurate portrait of the average buyer.

“Although from province to province home buyers’ searches by price differ, one thing is obvious: the biggest percentage of home seekers (25%) are interested in homes which cost between $300,000 and $400,000, which is significantly below the national average of just over $500,000,” the company said in the report. “If you think, okay, then people are ready to downsize … well, think again. Nationwide, almost half of the searches (46%) targeted homes which have at least 3 bedrooms, while 31% are looking for even larger properties (4+ bedrooms).”

As a result of the study, which included more than 6 million online search sessions, Point2Homes found 60% of home buyers searching online are female and that Millenials lead the way in terms of searching for homes in large cities.

The study also found a great deal of potential purchasers in the country’s two hottest markets, Vancouver and Toronto, are interested in homes that fall below the respective average prices.

“There seems to be a striking discrepancy between market reality and search preferences in certain cities across Canada. The biggest surprise came from none other than Toronto, where home buyers on Point2 Homes were looking for homes priced up to $400,000 when the average price there is $750,00,” Point2Homes said. “In Vancouver we also found a huge discrepancy between the most popular search — homes up to $750,000 —  and the average price of $1,055,000.”

Source: Point2Homes

The study also broke down province-specific search criteria, which provides information on the type of buyers agents across the country should be targeting. To read that, and more, click here to access the entire study.

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