A new survey shows that the homebuying process starts long before a purchase and that funding from family might be a 'prerequisite' to get into the market.
The pandemic, along with ups and downs in the housing market this past year, have shifted the way homebuyers approach real estate transactions, with some trends persisting and others losing traction, according to new data from a Zolo survey that asks homebuyers about their practices.
Another standout data point is more Canadians using parents or relatives as a way to fund a home purchase. Among the pandemic trends that have not persisted is virtual viewing or buying a home “sight unseen,” according to Zolo. This was very popular during the pandemic and soon after restrictions were lifted; however, data shows that no B.C. respondents bought a home without seeing it. On the other hand, the use of social media like Instagram, Facebook and TikTok for finding listings has continued, says Kaye.
In B.C., the combined total of homebuyers using some form of social media to browse through potential homes, whether on Facebook, Twitter, TikTok or Instagram, is nearly 55 per cent. Real estate listing websites were used by approximately 29 per cent of buyers, according to survey results.
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