Analysis of home searches by real estate portal Point2 Homes has found that 47 per cent of potential Toronto buyers were seeking a 3-bedroom home priced between $300,000 and $500,000; the average price in the city in August 2016 was $710,410.
Meanwhile, those searching Vancouver listings wanted a 2-bedroom home priced around $750,000; the average in the city at the time of analysis was $1 million.
The data shows that most of those searching were millennials who were looking for their first home and perhaps (especially in Toronto) looking for a condo.
Other findings reveal that potential home buyers looking at Mississauga and Saskatoon appear ready to spend more than the city averages for a home; and that women were most likely to be searching.
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Frequent headlines highlighting the sharp gains in home prices in Vancouver and Toronto have not dampened the optimism of those seeking a more modestly-priced home.