Family Support and Social Media Surprising Changes in Canadian Homebuying Habits in 2022
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The Canadian housing market saw a significant shift in 2022 due to changes in consumer demand and low inventory. A recent survey conducted by Zolo, an online real estate marketplace, sheds light on the surprising changes in homebuying habits that emerged in response to these market shifts. The survey found that almost half of Canadian homebuyers received financial support from family members to boost their down payment, making these gifts increasingly essential in making housing more attainable in today’s landscape of high mortgage rates. Younger homebuyers, such as millennials and Generation Z, are turning to social media to browse properties, with 49% of Generation Z using Instagram as their primary source. Despite this, most respondents still viewed their homes in person between two and four times before making an offer, suggesting that the personal touch and physical presence are still highly valued in the buying process.
Read the full article on: REAL ESTATE MAGAZINE
