For the first time, a Canadian study has been conducted and revealed what young families really want and think when it comes to home ownership. If you’re between 20-45 years old with a young family, chances are you prefer to live in a detached single family home. According to a study commissioned by Mustel Group and Sotheby’s International Realty Canada, single family home ownership is on the rise contrary to urban myths that say otherwise.
The report also revealed that young urban families would prefer living in a detached home if it was within their budget. Fewer actually prefer “high density” homes such as duplex, triplex or multiplex units. However, a considerable amount of young families have purchased a detached home. Unfortunately, the report also revealed that some young families have given up on the dream of single family home ownership due to increased costs. Although, other families are still holding out hope and plan to buy a home in the city centre while the remainder plans to buy outside of the city.
This report is the result of an online survey that included 1,743 families within the Census Metropolitan Areas (CMAs) in Vancouver, Calgary, Toronto and Montreal. Half of the adults surveyed are Millennial homeowners and the others are the younger group of Generation X.
The following is a snapshot of Toronto according to this report:
- 82% of young Toronto families would prefer buying a single family home if there were no budget constraints. Actual home ownership is balanced at 50% for both single family homes and higher density options. 34% purchased an attached unit and 16% own a condominium.
- 42% of modern family homeowners have lost hope in buying a single family home. 38% are still hoping to buy a single family home.
- 19% of young families prefer buying a condominium or attached (including duplex/triplex/multiplex homes) if finances were not an issue.
- The top two priorities for families purchasing a home: value per square foot and move-in readiness.
- Toronto homeowners are the most satisfied, compared to those in other cities. 95% of modern families are “very satisfied” or “somewhat satisfied” with their home purchase, regardless of challenges or compromises.
- Young Toronto families are the most confident in the real estate market compared to other major markets. 83% believe their home investment will outperform or match their financial investments over the next 5 years; and, 55% believe real estate gains will outperform their financial investments.
This report reveals some interesting trends that give the real estate market a better understanding of modern families. This further solidifies the importance of giving families value for their money and helping them find what they want.
From its inception, MinMaxx has taken pride in providing the full service and backing of our entire team to make home ownership evolve from a dream to a reality. MinMaxx founder and CEO, Azim Rizvee’s philosophy: think big, start small, and act fast has helped our team sell over 2500 units within 8-12 years. Our expertise and experience help us to understand the market and trends. But, our commitment to making your home ownership dreams come true is our priority.
Whether you’re just getting into the market or ready to make the next move, the MinMaxx team of realty experts can make it happen. Contact us today! Phone: 416-264-1111/Toll Free: 1-888-MIN-MAXX or Email: [email protected]