A third of Canadian Millennials would rather live in the city than the ‘burbs but for two thirds of those, they are willing to sacrifice that wish to buy the home they want.
A new TD survey finds that 81% of Millennials say they want to own their own home but with affordability (78%) and home size (60%) beating neighbourhood (58%) as the top factors informing homebuying decisions, a move to the suburbs is the right choice for many.
"We're now seeing Millennials looking beyond the city for their housing needs, particularly as they start thinking about their needs for the future, like having more space to raise a family," said Pat Giles, Vice President, Real Estate Secured Lending at TD. "As a result, many are choosing the suburbs to either make the move to a new home or upsize from their current one, a shift from just a few years ago when city living was this generation's preference."
Affordability and space, both inside and outside, are the main reasons for relocation from the city to the suburbs but this may clash with the desire of 45% to live close to work.
Cutting spending to buy a home
Millennials are willing to curb their day-to-day spending to further their homeownership dreams.
Most said they would limit eating out, shopping, and entertainment, to be able to afford a home.
"Although homes in today's housing market cost much more than they used to, the desire to own the right home hasn't wavered, especially for Millennials," said Giles