What makes the Canadian dream home?

 

The adage "location, location, location" may need a rephrase according to the results of our recent survey!

Canadians rank buying a home in which sellers have already done the renovations, and is thus move-in ready, as their number one home buying priority (25%), while location (23%) and having funds left over for personal expenses (23%) are also top considerations.

So, what makes the Canadian dream home? Well, it depends if you ask a boomer or millennial.

Millennials position themselves to succeed:

  • Millennials are twice as likely as Boomers (Millennials 33%, Baby Boomers 17%) to rank location as their top home buying priority, with young professionals especially focused on this factor.

  • Millennials place higher importance on having a shorter commute than other generations (Millennials 46%, Baby Boomers 26%) when asked what they look for in a home location.

  • Millennials are movers, as 37% are likely to move within the next two years.

  • Millennials are more likely to consider the character of the home and curb appeal (19% combined) as important home features than older generations (Baby Boomers 7% combined).

Boomers are social butterflies, who use their home as a base:

  • Boomers rank having social activities nearby in their top home location priorities (ranked as one of their top three location priorities: Baby Boomers 77%, Millennials 52%).

  • Boomers place a higher emphasis on a sense of belonging in the community they purchase in (Baby Boomers 15%, Millennials 10%).

  • Boomers are more interested in purchasing in a neighbourhood that has a strong community culture that fits them (Baby Boomers 19%, Millennials 10%).

  • Boomers rank having a move-in ready home as their number one priority with less concern for the location itself, ranking it only fourth on their list. Empty nesters and early retirees are especially focused on buying a home that's move-in ready.

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Home sellers get ready, Canadians are planning to move soon with half surveyed (49%) planning to move in the next five years, including one-in-four within the next two years (23%).

Courtesy of Barrington Lewis


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