Some 49% of Canadians, the majority of which are women, prefer newer homes because theyâ€™ve never been lived in before and the expectations are that everything will be working inside.
Conversely, 51%, with a majority of men, prefer older homes because they have more character and higher quality, said the report.
Men also preferred fixer-upper homes because they allowed for some renovations and were more affordable.
But the TD Canada Trust Home Buyers Report based on a survey of 1,000 Canadians also had some cautions for going that renovation route.
â€œIf you are willing to do the renovations or upgrades, buying a home that needs some work can give you the ability to transform the space into your dream home,â€ said Farhaneh Haque, Ontario Regional Manager for Mobile Mortgage Specialists, TD Canada Trust.
â€œHowever, if you decide to go the renovations route, itâ€™s important to understand the costs of the upgrades you intend to make and factor those in when deciding on the price range for a home that is realistic for you.â€
Cost was the top factor in buying a home, said the report, with 97% saying it was an important consideration.
When asked if cost was a â€œvery importantâ€ factor, 82% of women agreed, compared to 70% of men.
The TD Canada Trust report also had some province-specific findings. For example, Albertans are two times more likely than the national average to pay the extra money for a new home, from 39% in that province compared to 22% nationally.
The reason relates to the fact the development boom in Alberta has produced a large selection of new homes to choose from, said Jesse Bilodeau of Mobile Mortgage Specialists, TD Canada Trust.
Atlantic Canadians, on the other hand, are the most likely in the country to prefer a fixer-upper home that they can renovate, said TD Canada Trust. They also were the least likely to say cost was a factor, although 94% still said it was important.
In British Columbia, 100% of respondents said cost was an important consideration when deciding on a home â€“ the only province to produce such a uniform response.
Quebecers were the most likely in the country to prefer older homes, based on the belief that these classic residences offered the best quality. They also showed a preference higher than the national average to find fixer-uppers.
Manitoba and Saskatchewan residents prefer newer homes that have never been lived in and require little work. While 33% of Canadians preferred a fixer-upper, just 20% in Manitoba and Saskatchewan wanted to go that route.
But Ontarians are the most likely in the country to prefer new homes over fixer-uppers, said the report.
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The home preferences in the report are broken down also by gender and province.