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.
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%).
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%).