New survey finds downsizing, upsizing and relocating are the main reasons homeowners are thinking about selling.
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Few homes are likely to hit the market in the near future as a result of homeowners no longer being able to afford their mortgage, a new survey has suggested. Wahi’s 2024 Homebuyer Intentions Survey asked about the reasons Canadians might consider putting their home up for sale in the next few years, and only 11 per cent indicated it would be a result of financial strain, including unmanageable mortgage payments.
Among the leading reasons for selling their home, respondents indicated downsizing at 37 per cent, upsizing at 25 per cent and relocation at 25 per cent.
Additional potential causes included “other financial reasons” at 10 per cent, health issues at 10 per cent, and needed repairs or renovations at seven per cent.
A change in relationship status also was cited by seven per cent of those surveyed, while “other” rounded out the reasons respondents chose at eight per cent.
Of the respondents indicating downsizing as a cause, 69 per cent were aged 55 and older. Among those thinking of upsizing, 94 per cent were 18 to 54 years old.
With respect to the one-in-four sellers who stated that relocation would be their reason for considering selling their home, 53 per cent indicated it was to seek a better quality of life. Among those, rural respondents were more likely (62 per cent versus 51 per cent in urban areas) to move for a better lifestyle.
The Wahi survey also asked respondents about the most important steps, should they decide to list, to get their desired sale price.
It found market timing ranked as the most important factor among 23 per cent of respondents — the highest among all “important steps.” Renovations and repairs were tied with finding a good realtor as the second most important factor at 16 per cent.
Only 15 per cent of respondents cited interest rates as the most important determinant to get a good price for the sale of their home.