“Millennials are Buying Homes…For their Dogs”
Millennials make up the “single largest group of Canadian home buyers”. Click to read the home buying trends of the Millennial generation.
Millennial Home Buying Trends
When it comes to young adults buying homes in Vancouver, you probably think it’s not a common occurrence. But, surprisingly, you’d be wrong. According to Re/Max Canada, Millennials make up the “single largest group of Canadian home buyers”. In fact, many young adults aged 25 and up are looking for a place to call their own.
This generation is very tech-savvy and environmentally conscious, and due to inflated prices, condos are becoming the best option for those looking to live in urban areas. But with high price tags come higher expectations and some shifts in perspective. Below are some home buying trends millennials seek out before becoming homeowners, including our favourite: “millennials are buying homes…for their dogs”.
It’s no secret that our fur babies are part of the family and millennials are taking that very seriously. Not only are they looking for a home that suits their needs, but finding one that allows their pets to have a great lifestyle is a major consideration. Are there parks close by for their dogs? Does the building even allow animals?
According to a survey by SunTrust Mortgage, having an adequate house for their dog was the third most cited reason for purchasing a home. This was an even bigger motivator than children or marriage! Since the statistics speak for themselves, condo developers are taking note. Facilities such as dog wash stations and dog parks are now being included on condo grounds with the hopes to attract more millennials.
It’s worldwide issue that’s finally getting the spotlight it deserves. Being environmentally friendly is very important to younger generations and it’s not something they want to skimp on. Whether that means being able to walk or transit to work, including charging stations for electric cars or ensuring that their home is energy-efficient (i.e. good insulation, efficient lighting and updated plumbing), having green options is a major selling point.
Are they a ski bum? Work-a-holic? Foodie? Whatever their niche is, it’s becoming more important for millennials to be close to what they value most. Thus, choosing a neighbourhood that suits their lifestyle is almost more important than the home itself. A lot of people prefer to live close to work and their entertainment of choice, instead of opting for large yards and quiet neighbourhoods like boomers do. We recommend Lynn Valley for mountain lovers and Lower Lonsdale for those wanting to hit a spin class before work, happy hour afterwards and brunch on the weekends.
Amenities are also a major selling point for millennials. The inclusion of a roof top patio, hot tub/pool and gyms get many bonus points.
Less Is More
Although the dream of a detached home with a white picket fence may not be the reality for many anymore (keep dreaming – no one said dreams couldn’t come true!), millennials still want a place that is laid out in a realistic and usable way. They don’t care about a dining room that may be used once a year, but instead a large kitchen and kitchen island for hosting dinner parties. Open concept rooms are also easier to clean and allow those wanting to be with their loves ones to still interact while working on different projects. As many people work from home nowadays, having a space designated for work allows for increased productivity and is a major selling point for entrepreneurial millennials.
Millennials love to roam and having the ability to freely do so, even if they own a home, is an important consideration. For example, they may need to relocate for work, want to move away for a year or move in with their partner. But that doesn’t mean they want to give up their place. Thus, the option to rent out their condo gives them the flexibility and peace of mind they need to buy their first home. Although it’s a controversial topic, buildings that don’t offer this are losing out on a major portion of potential buyers.
We all know too well just how expensive Vancouver is, and for many millennials their dreams of buying their own home seems completely impossible. Especially when they still have to pay off student loans. According to a report by REIN, “house-hacking” is one way to make your dreams become a reality earlier. There are four ways millennials are “hacking” the industry:
- Renting out spaces to roommates to help pay the mortgage.
- Listing their home on Airbnb while they are out of town.
- Living in multi-generational homes with their parents. Allowing for the family to be close but swapping between the basement and the rest of the house depending on the needs and size of the family.
- Receiving help from their parents in the form of a money contribution or a cosign on the mortgage.
Are you a millennial seeking your first home? What are you looking for? Let us know in the comments below!