What Features Do Home Buyers Want The Most in 2023?

This mass migration from urban areas led to a surge in demand for properties outside city centres. Because of this, the gap in real estate prices between downtown areas and suburbs continues to shrink. In 2016, suburban homes sold for 33% less than downtown properties. In 2021, that gap shrank to 10% — meaning that suburban homes are becoming increasingly popular.

And although many workplaces have returned to their full in-house operation or adopted hybrid work models, the Bank of Canada (BOC) cautioned that if the preference for larger homes in suburban areas proved temporary, housing prices in the suburbs could face downward pressure. If our survey respondents have their way, the BOC could be wrong. 

This is an advantage for sellers today, as the demand for properties in suburban areas presents a favourable opportunity. However, knowing all of this, there are a few parts of the home that sellers should consider keeping in mind as they list their homes.

Unlocking the Key Features to Focus on as a Seller 

When exploring the ideal home for many buyers, most respondents desire a three-bedroom, two-bathroom home — a downsize compared to Zolo’s 2022 results in a similar survey. In the past, buyers were keen on four-bedroom, three-bathroom homes. However, this year, smaller home sizes seem to be something homebuyers are willing to accept, likely due to affordability and manageability.