Have you ever wondered if you are searching for the same thing as everyone else?
In the Canadian Real Estate Association (CREA) January 2021 report, we learned some interesting facts about the house shopping behaviour of Canadians.
REALTOR.ca is a popular website used by Canadian consumers when searching for homes. This tool is driven by data from the Multiple Listing Service®, also known as MLS®, and it’s very popular both on desktop and mobile. The website itself is run by CREA.
Understanding what buyers are searching for can offer insight into what is currently top of mind in the market. In this latest report from CREA, we drilled down to see which search parameters consumers are using.
Let’s take a look at the top 3 search parameters used by homebuyers investigating Oakville and Milton.
On REALTOR.ca, visitors can enter both a minimum and maximum range for listing price, allowing you to view properties within a narrow or broad range.
The entries buyers are making surrounding price seem to depend on whether you are looking in Oakville or Milton.
In Oakville, the minimum price entered by the highest number of searchers is $700K. In Milton, the minimum price used is $500K. This seems to suggest that house hunters are aware of the price differential between the suburbs and simply expect to pay more in Oakville.
The maximum price buyers entered for Oakville was a cool million, while the maximum in Milton went only as high as $650K, with the vast majority of searchers choosing $600K as their maximum price.
Interestingly, this creates is a wide gap between minimum and maximum price for Oakville. Homebuyers are looking at a price range between $700K and $1M in Oakville, while Milton house hunters kept the range much narrower, looking for properties between $500-$650K.
We see a striking similarity between the suburbs when it comes to home style selection.
About 70% of the time, searchers looking in both Oakville and Milton opted for detached when it came to preferred search parameter around style of home. In fact, the numbers are similar across all home type categories. Buyers chose townhouse as their next favourite entry at just under 15%, and apartment (condo) about 9% of the time.
Bedrooms & Bathrooms
Here again, buyers surfing REALTOR.ca for Oakville and Milton made comparable choices in terms of the number of bedrooms and bathrooms.
In both suburbs, the most popular search was for a 3+ bedroom, 2+ bathroom home.
The only noticeable difference between Oakville and Milton with regard to the number of rooms is that in Milton, homebuyers searched more often for homes with 4 bedrooms or more.
Despite it being a commonly used tool for house hunters, REALTOR.ca is not the only source of listing information.
You can find listing search tools right here on this website:
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Get in touch with Dana directly if you have any questions about buying or selling a home.
Reference: The Canadian Real Estate Association (2021). REALTOR.ca Insights Report.
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