From how they find homes to the properties they buy, younger homebuyers are changing everything about the real estate landscape.

TORONTO, ONTARIO, CANADA, March 8, 2023 /EINPresswire.com/ -- A new report released by Zolo, a real estate marketplace, reveals that home buying has changed significantly in recent years. A recent Zolo survey polled 800 respondents to ask them how, when, where, and why they purchased a home in 2022.

The results outlined in the 2023 Canada Housing Market Report show significant findings, including:
- The trend of buying homes sight unseen has fizzled out. 61% of homebuyers viewed their properties in person two to four times before making an offer.
- Family financial help is becoming essential: 47% received money from family to boost their down payment. An additional 24% used their partner’s family’s money.
- Window shopping is part of the process: 47% of homebuyers spent one to two years browsing real estate listings before beginning house hunting, and when they did start looking, 31% only viewed four to six homes before finding “the one.”
- Millennials and Generation Z tend to view one to three homes before buying. Generation Z also tends to browse real estate on TikTok.
- Move-in day habits varied. 50% reported cleaning their home, 40% changed the locks, and 19% tested the smoke alarms and CO2 detectors.

Younger Homebuyers are Driving Changing Trends
Generational differences in how people buy homes are becoming pronounced as more millennials and Generation Z buyers enter the market. For example, the report revealed that millennials and Generation Z homebuyers feel the family and living room is the most important room in a home. In contrast, Generation X and baby boomers chose the kitchen.

Younger buyers are also more likely to look at fewer homes when house hunting, viewing between one and three, compared to older buyers, who view between four and six. Younger buyers are looking beyond real estate listings to find their dream homes. 49% of Gen Z buyers used Instagram the most when searching for their dream homes.

The conclusion? The home buying landscape is changing as younger generations make up a more significant percentage of buyers. For more details, view the full 2023 Canada Housing Market Report.

About Zolo
Zolo is one of Canada’s most popular national real estate marketplaces. Each month, over 10 million home shoppers use Zolo to level up how they buy, sell, rent, finance and learn about real estate.

Press Contact
Jordann Kaye, Content Marketing Manager and Spokesperson, jordann.kaye@zolo.ca, Ph: 902-401-0610

Jordann Kaye
Zolo
+1 902-401-0610
jordann.kaye@zolo.ca
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