Canadian homebuyers need deeper understanding of real estate – survey

Canadian homebuyers and sellers would benefit from a deeper understanding of real estate in these challenging times, according to a new survey from ReMax Canada.

The market is in uncharted territory, with another cycle of rising prices across the country, stretched affordability thresholds and demand continuing to far outstrip supply – conditions that will not be rectified in the short or mid-term.

Dramatic shift

Adding to these complexities is the unexpected rise of Canadians upending their urban lives in favour of new beginnings in suburban and rural settings, creating a dramatic shift in lifestyle expectations, the company says.

“The stakes have never been higher for buyers and sellers,” says Christopher Alexander, chief strategy officer and executive vice-president, ReMax of Ontario-Atlantic Canada.

The company stresses the importance of buyers and sellers working with experienced and knowledgeable real estate professionals during such challenging market conditions.

Unintended consequences

Nearly half (41 per cent) of Canadians claim to not be knowledgeable about the buying and selling process, according to a recent Leger survey commissioned by ReMax Canada. Yet, 50 per cent still expressed interest in buying or selling a home using a DIY buying and selling platform for their perceived efficiency, ease, and convenience. But nothing about this current market is easy, and with affordability, coupled with the current safety challenges in the mix, going it alone could have unintended consequences.

Of the 41 per cent who aren’t knowledgeable when it comes to buying or selling real estate, nearly half (46 per cent) are Millennials, the largest cohort of buyers and sellers across the country. They are also the ones most likely to test alternatives to a realtor-led transaction; as many as 57 per cent state that they are more likely to buy or sell a home using real estate technology, given its increased availability.