Ever wonder why homes are designed a certain way or why some buildings have more amenities than others? Almost all of those decisions are based on thorough market research looking into what homebuyers are looking for.
The new home building industry has to understand what new-home buyers want in a new home, so that they build it. Builders and developers do extensive research before launching a new project and it often means the difference between offering more townhomes or one-bedroom suites, and buildings that feature a concierge or a pet spa.
Homebuyer preferences can vary depending on the area, the type of home, the buyer and their age. To get a sense of who is buying new homes in Toronto and what they are looking for BILD member Avid Ratings Canada and the Canadian Home Builders’ Association surveyed 12,384 new homeowners across six provinces about buying a new home and their features and design preferences.
Survey results showed that new-home buyers are largely made up of growing families with kids. More than half of the respondents – 54 per cent –are Generation Xers. Another 26 per cent are Millenials. This tells us who is out shopping for a new home and that most are out there looking for family-sized homes and entry-level, starter homes.
Energy efficient features, storage space and a multi-functional kitchen space ranked as the highest preferred in-home features. For those in low-rise homes, the building or community amenities that ranked the highest are parks and recreation centres, landscaping and walking or cycling paths. Those in the mid and high-rise homes ranked 24-hour security, a gym and wireless internet throughout the building as top preferences.
While many still visit model homes and sales centres to learn about homes for sale and the community, once they know where they want to live, they are using online resources like builder websites and internet searches to find out more.
It’s no surprise that a new home buyer’s budget plays into their decision-making process. Especially since in the GTA, the average price for a new low-rise home like a detached, semi-detached or townhouse is more than $802,000 and the average price for a new high-rise condominium is more than $440,000.
The Avid and CHBA survey asked new-home buyers what they would be willing to sacrifice to lower the price of a home and 30 per cent said they would sacrifice size to improve affordability. Another 20 per cent said they would accept fewer community features and 18 per cent said they would choose a location further from work and amenities.
The industry continues to innovate and provide a range of housing choices that deliver the features and amenities that consumers want and that they can afford.
