SASKATOON, Saskatchewan, Sept. 16, 2016 /CNW/ -- After analysing 3-months' worth of home buying search behaviour on the website -- counting up to 6 million browsing sessions -- real estate portal Point2 Homes reveals in a new study that home buyers might not have gotten accustomed to the trend in real estate prices.
At the national level, 25% of Canadians set their price limit to $300,000 when searching for homes for sale, which is more than $150,000 under the average of $456,722 (as of August 2016). Most searches were done by Millennials (age group 25-34) followed by Generation X (age group 35-44), and most of them are women. When it comes to space, the most popular searches were targeting larger homes (3+ bedrooms), while in Alberta the most targeted were 4+ bedroom homes.
Toronto and Vancouver see discrepancies between market reality and home buyer interests
In Toronto, 47% of potential home buyers searching on Point2 Homes targeted 3 bedroom homes priced between $300,000 and $500,000. This is significantly lower than the average home price in Toronto -- $710,410 (as of August 2016). One reason might be that the majority of searches were conducted by millennials, who might be targeting condos or a more affordable first home.
In Vancouver, the majority of home buyers – once again, Millennials followed by Generation X-ers – were looking up 2-bedroom homes priced around $750,000. Compared to the average home prices for August, which saw a sharp decrease to $863,065, it doesn't look like a big market vs. home buyers' expectations contrast, but at the time the data was gathered (July 2016), the average price was above $1 million.
At the other end of the spectrum stand Mississauga and Saskatoon, where home hunters – most of them being Millennials -- might be ready to spend more than the average on a home.
About Point2 Homes: Point2 Homes is a real estate portal owned and operated by Point2, a leading provider of real estate marketing solutions to brokers and agents. It serves Canada, the US, and other international locations.
Point2 Homes Communications Strategist
SOURCE Point2 Homes