Canadians Shifting Their Post-Crisis Home-Buying Priorities, New Research Finds

A lot has changed over the last few years, in Canadian real estate and society alike – whether it’s how we work or even where we live. The country has adapted well to these times, though there have been some hiccups along the way to the so-called “new normal.”

What about the Canadian real estate market? The housing industry has witnessed incredible peaks and valleys in recent years. Sales activity exploded across the country, including in rural communities and in the middle of nowhere. Home prices reached all-time highs, even in places where there was little attention in previous years. Mortgage rates tanked, soared, and now moderated. Suffice it to say, a lot has happened.

One change that has occurred is prospective homebuyers’ priorities, from their desired neighbourhoods to the primary needs of their community. RE/MAX recently published the 2024 Liveability Report, which has identified the notable shift in homebuyers’ post-crisis purchasing priorities. What do they want from where they live? How is it different than before 2020?

Post-Crisis Canadian Real Estate Priority Shift

According to the research report, affordability was the top liveability factor, which was no surprise in today’s housing market conditions. However, there were three primary shifts in homebuyers’ aims: safety, age of home, and work and walk. So, what does this mean exactly?

Safety

Thirty-four per cent of Canadians identified neighbourhood safety as an important liveability factor in 2024. This topped “easily walkable” from 2020, when 37 per cent of Canadians noted that this was the main liveability factor.

Age of Home

Nearly one-quarter (23 per cent) say the age of homes in their neighbourhood was a vital factor for Canadians, surpassing “low-density neighbourhoods,” which ranked in fourth place (30 per cent) a few years ago.

Work and Walk

Is proximity to work a crucial component of liveability for Canadian homebuyers? While it places high on the list, it is notably down from a few years ago. In 2020, 34 per cent listed closeness to work as important. In 2024, this fell to 25 per cent. Additionally, walkability was quite high, coming in at 37 percent. This year? Twenty per cent.

The in-depth study further found that more than half (56 per cent) of Canadians would not be willing to sacrifice their neighbourhood liveability needs, “even if doing so would enable them to enter the housing market or move up to a larger home.”

But do Canadians think their neighbourhoods will improve, remain the same, or worsen in the coming years? Fifty-five per cent say the quality of liveability in their neighbourhood will be about the same in the next three to five years, compared to 24 per cent who say it will improve. Fifteen per cent noted that it would be on the decline in this span.

Researchers also discovered that half of Canadians would rely on their real estate agent as a primary source of advice when purchasing or selling a home. Additionally, fewer than half (46 per cent) said they would turn to an online search, followed by independent research (42 per cent) and word-of-mouth (38 per cent).

Unique Characteristics of Canada’s Neighbourhoods

Canada’s unique charm and characteristics are observed in hundreds of neighbourhoods across the country that suit different lifestyles, whether you are a climate-conscious homebuyer or a couple with children.

RE/MAX produced a comprehensive list of 2024’s most liveable neighbourhoods in the Canadian real estate market by persona.

Are you a first-time homebuyer?

• Winnipeg: River Heights
• Calgary: Red Carpet
• Edmonton: Mill Woods Town Centre

Are you a retiree?

• Regina: Downtown
• Calgary: Chinatown
• Edmonton: Bonnie Doon
• Winnipeg: Charleswood

Are you a luxury seeker?

• Toronto: Bridle Path
• Vancouver: Shaughnessy
• Montreal: Mount Royal York Park

Are you a foodie?

• Winnipeg: Sage Creek
• Calgary: Downtown West End
• John’s: Downtown
• Edmonton: Oliver
• Calgary: Chinatown

Change Is in the Air

Achieving the dream of home ownership can be a realistic pursuit, but you might need to make some concessions along the way, says Christopher Alexander, the president of RE/MAX Canada.

“When searching for a home, homebuyers may need to make certain concessions to their personal liveability criteria to get the most of what they deem important in a neighbourhood, in addition to what they can purchase within their means,” said Alexander in a statement.

“This is true not just for first-time home buyers but for all buyers, especially as affordability continues to be top-of-mind for many Canadians. That’s why working with a professional realtor who can help navigate the market for what’s realistic and advise on what neighbourhoods best suit the needs of the buyer is key. They also act as a local guide, shedding light on the ins-and-outs of different neighbourhoods and how they fit within one’s goals.”

Ultimately, neighbourhoods nationwide have something for everybody. Still, the idea of living close to work, sending your children to the best schools, residing in a new home, and being in proximity to nature may not happen. It is up to you – and your inner circle of family, friends, and real estate agents – to identify these tremendous living opportunities and balance out your choices.