Canadian homebuyers are navigating a complex real estate landscape. Amid trade war uncertainty and economic unease, many are trying to balance homebuying aspirations with affordability challenges.

Yet, despite rising housing costs and tariff fears, the desire for single-family homes remains strong. 

According to Wahi’s What Homeseekers Want survey, 61 per cent of respondents prefer single-family residences over condos or apartments (24 per cent). This preference signals a desire for more spacious, detached living spaces, even as affordability challenges persist. 

The survey,  conducted among Canadians who are members of the Angus Reid Forum, sheds light on the features and amenities that matter most to those in the market for a new home to rent or own, breaking the most important attributes down by property type. It also explores the factors influencing homebuying or renting preferences, such as affordability.

When it comes to the most important attributes of a home, there's one feature that matters to 81 per cent of Canadians: a backyard. For those favouring single-family homes over condos or apartments, 76 per cent consider a backyard essential, while 59 per cent highlight the importance of renovated kitchens or bathrooms.

A finished basement is also strongly preferred (42 per cent), which may be attributed to the desire to rent out a portion of the home to offset the cost of homeownership.

In higher-priced markets, like Vancouver and Toronto, features in a home that offer potential rental income, such as finished basements and separate entrances, are also highly valued by those looking to buy a home in those cities. In British Columbia and Ontario, for example, 27 per cent and 20 per cent of respondents respectively feel a separate entrance is important. 

For those who prefer condos over single-family homes, 68 per cent consider a renovated kitchen or bathroom essential, while 53 per cent cited a parking garage as a top pick, followed by visitor parking (36 per cent), high-end appliances (33 per cent) and a scenic view (30 per cent).

Affordability challenges require flexibility

Affordability remains a major factor influencing homebuying or renting preferences, with 40 per cent of respondents citing it as the biggest factor. This is followed by preferences for quieter environments (36 per cent) and a desire for more outdoor space (32 per cent). Other factors include changes in financial situation (32 per cent) and concerns about the safety or quality of the neighbourhood (26 per cent). 

Concerns about the cost of homeownership are also prompting buyers, especially first-timers, to be more flexible when it comes to location.

Wahi’s 2025 Homebuyer Intentions survey, conducted earlier this year, indicates 73 per cent of prospective buyers are open to considering different neighbourhoods than initially planned. Additionally, 57 per cent are willing to explore different types or styles of homes, and 55 per cent are comfortable living farther from amenities like schools and shopping centres. 

First-time buyers in particular are more inclined to make lifestyle adjustments to achieve homeownership. Notably, 59 per cent are willing to reduce spending, 37 per cent are open to changing their investment strategies, and another 37 per cent are prepared to work longer hours to afford a home. 

Technology helps buyers find the right home at the right price

The integration of technology into the homebuying process can go a long way in helping buyers filter for the home features and location they want at the price they can afford.

Data can help buyers hone their property searches by providing insights into a neighbourhood’s characteristics to see if the area aligns with their needs, lifestyles and budgets.

For instance, neighbourhood finder tools allow those looking for homes to filter areas based on various criteria, including budget, property type, proximity to amenities, and school catchment zones. These tools can also suggest neighbourhoods that align with a buyer's preferences, potentially introducing them to areas they hadn't previously considered. 

While the dream of a single-family home persists, buyers are increasingly open to compromises in location, home type and lifestyle to navigate the challenges of the current real estate market.

The strategic use of data further empowers buyers, providing them with the information to make informed decisions and discover homeownership opportunities that align with their evolving needs and goals.