With over a decade of adulting under their belts, “home upgrade” was already on many millennials’ bucket lists before the pandemic. Now, it’s at the top.
It’s been almost a year since our homes took on the role of office, classroom, gym, daycare and movie theatre. So it’s not surprising that — according to a recent survey — 50% of millennials aren’t happy with their living situations. Compared to other generations, millennials are three times more likely to want a new home in 2021 compared to other generations. They’re dreaming of detached homes (45%), with a backyard (57%), more square footage (44%), closer proximity to green space (34%), and a better home office (28%).
More millennials plan to buy a new home in 2021
In 2021, twice as many millennials say they’re planning to buy a new home. This increase in demand — and demand for specific home types — is creating challenging conditions for millennials to buy their dream home.
The detached dream is hard to achieve in the city
Both listings and time on the market for detached homes have decreased significantly since the start of the pandemic, and prices have increased by almost 15%! The pandemic has made it even tougher to buy a home, and we’re seeing more millennials making concessions’ on location in order to get the features they want. They’re heading to the ‘burbs or ditching the GTA altogether for more space, lower prices and less competition.
Recently Properly helped a young family move from the TO neighbourhood of Leaside to the Niagara region. While they loved their local haunts in the city, Niagara offered emerging arts and food scenes, and their new baby has more space than he ever could’ve dreamed of in city limits.
Is moving to greener pastures the right move for everyone?
Leaving the city isn’t for everyone — I’m a devout east-ender — but for those who take the leap, they’re not likely to have FOMO anytime soon
People looking for their “forever home” tend to be meticulous, pandemic or not. They’ll obsess over every detail, thoroughly weigh the pros and cons of the move. The difference now is that they’re ready to act more quickly if they like what they see. And as more and more millennials build lives in towns and cities outside of the GTA, they’re injecting those areas with much-needed culture, youth, and energy. Ontario is no longer Toronto or bust!
For those planning a move in 2021, there’s no need to feel doom and gloom: mortgage rates are still historically low and an end to the uncertainty is in sight.
If you’re starting to think about a move, set a customized alert to receive automatic emails about new homes. This lets you keep your finger on the pulse of what’s coming up and for what price.