On July 25th, REALTOR.ca published a great resource that explains why different buyers need different approaches from their REALTOR®. Different ages, different lifestyle choices, different family dynamics, different goals. There is no one size fits all approach when buying a home. The article talks about four different buyer demographics and includes supporting data gleaned from visitors to REALTOR.ca. To read the article in full, click here. No time? We’ve included some highlights here, shortening the original article.
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Who are Canadian Home Buyers?
Illustrations courtesy of REALTOR.ca
First-time home buyers
First-time home buyers are typically young professionals in their late 20s or early 30s—millennials born between 1981 to 1996. They are usually motivated to purchase their first home thanks to a change in family status, like getting married.
According to the 2019 REALTOR.ca Insights Report, 47% of REALTOR.ca visitors are first-time home buyers. First-time home buyers are 30% more likely to reach out to a REALTOR®. REALTOR.ca visitors in this group tend to skew toward a younger age range of 25-34. This age group also accounts for about 25% of all REALTOR.ca visitors.
Starter home upgrade/repeat buyer
Buyers and sellers looking to upgrade from their starter homes are typically in their late 30s to early 40s. They are usually motivated by a lifestyle change, like a growing family.
According to the 2019 REALTOR.ca Insights Report, 43% of REALTOR.ca visitors are repeat buyers. Repeat buyers visit REALTOR.ca seven more times compared to first-time home buyers. About 25% of REALTOR.ca visitors are between the ages of 35 to 44, while another 21% are between 45 and 55.
Seniors
Senior buyers are older than 50 and are typically looking to downsize. According to 2019 REALTOR.ca Local Insights, 15% of REALTOR.ca visitors are between the ages 55 to 64 and nearly 9% are over 65 years old.
Rental property investors
Rental property investors are usually in their late 30s or older and typically share many of the same attributes as repeat buyers. According to the 2019 REALTOR.ca Insights Report 5% of REALTOR.ca visitors are residential investors and about 1% are commercial investors.
The goals for all four buyer types are listed in detail with an explanation of how a Realtor can help guide, advise and protect all of them. Again, to read the article in full, click here.
Source: REALTOR.ca