In-depth survey explores home design, demographics and buying preferences
A new, Canada-wide survey of new home buyers from the Canadian Home Builders’ Association (CHBA), in partnership with Avid Ratings Canada, shines a light on home buying preferences.
The Canadian Home Buyer Preference National Study reveals new data in more than 50 in-depth areas of home design, building features, buying preferences and demographics, says Tim Bailey, division president of Avid Ratings Canada.
“The CHBA is the leading voice of the home-building industry and we’re delighted to be able to work with them on this one-of-a-kind study,” says Bailey. “Considering the length and detail of the study, we are very happy with the response rate of home buyers.”
More than 12,000 home buyers were surveyed for the report, which contains comparisons by seven customer segments, including singles/ couples without children, growing family with children, downsizing family, semi-retiree/retiree seeking a mixed-age community, semi-retiree/retiree seeking an age-restricted community, investors and second/vacation home buyers.
“The depth and success of this study demonstrates just how invaluable research and knowledge is in powering a home builder’s business,” says Kevin Lee, CEO of the CHBA. “We value our partnership with Avid and look forward to continuing to build on this innovative research.”
Report highlights include:
Characteristics of New Home Buyers. Nearly half of today’s home buyers (46%) are Generation X with Generation Y (millennials) following at 38%. In today’s market, singles/couples with no kids are the largest cohort buying new homes. While 35% of respond- ents would prefer a single-family detached two-storey home for their next house, surprisingly the largest item buyers are willing to compro- mise on to reduce the cost of their next home is the size (22%); none of the respond- ents would compromise on quality or energy efficiency.
Overall Home Design Preferences. In 2014, walk-in closets and energy-efficiency dominated the must-have list for new home buyers. More than two-thirds (68%) of consumers consider walk-in closets as a non-negotiable feature in their next home, with an equal number of buyers highlighting energy-efficient appliances as their most important must-have.
Mid/high Rise Amenity Preferences. For mid-and high-rise buildings, 24-hour security, Wi-Fi throughout the building and an in-building health and gym club are the largest sought-after components. The survey showed 43% consider 24-hour security as a must-have and 42% consider building-wide Wi-Fi at the top of their list.
Community Amenity Preferences. Health and wellness concerns top the list of community preferences as well, with walking trails, bike paths, parks and recreation being the most sought-after amenities.
The full study and report are available for purchase through the CHBA at www.chba.ca/buyersurvey.aspx.