Under-40 crowd lead housing demand
August 11, 2021
Treasure Hill, Ontario
Aging millennials—now nearing 40 years of age as a group—represent the highest demographic bulge among Canadian homebuyers, a new Finder.com study suggests.
The study shows nearly three times as many millennials (64 per cent) said they plan to buy or rent a new house or apartment in 2021, compared to just 22 per cent of baby boomers. Boomers have led the buyers’ curve since the 1970s.
While age was the biggest factor in which Canadians were planning to make moves, gender also played a role. Nearly half of men (48 per cent) plan to buy or rent a new home vs just 42 per cent of women. More men plan to buy property in 2021 (28 per cent vs 21 per cent) than women.
When asked what factors they prioritized in their next home, the top five national wants were more space and rooms (48.3 per cent), style and look of the home (48 per cent), spacious backyard or outdoor space (43.8 per cent), a driveway or garage (43.7 per cent) and being located in a low-crime neighborhood (38.1 per cent).
Millennials are most likely to want a bigger (52 per cent) more stylish (49 per cent) home with luxury details. They also care more than any other generation about having a home office and being near amenities, like bars, restaurants and gyms.
Half of boomers cite having a driveway or garage as the most important factor in a home, and nearly half want to be located in a low-crime neighbourhood. About a quarter of boomers also want to have a green or energy efficient home.
Nicole McKnight, PR Manager at Finder.com, said Canadians faced unprecedented change in their living situations during the pandemic which is resulting in shifting housing priorities and trends.
“Our research shows millions of Canadians are on the move in 2021—particularly those under 40—and for about half of Canadians moving onto bigger and better [homes],” McKnight said.