Half Of Millennials Unhappy With Where They Live; Dreaming Of Detached Homes, Backyards, and Home Offices In 2021
COVID-19 has impacted the homeownership aspirations of millennials more than any other generation, while also making the housing market more competitive than ever before
TORONTO, Dec. 2, 2020 /CNW/ - COVID-19 has impacted the homeownership aspirations of Ontario's millennials more than any other generation, according to a new study by Properly, Canada's only service that allows you to buy before you sell. As the pandemic moves into 2021, roughly half (48%) of millennials report being happy with where they live — compared to 67 per cent who reported that prior to the pandemic, they did not desire a new home.
The survey found that millennials (24-39 years old) in Ontario are three times more likely to desire a new home in 2021 compared to the rest of the population. Not surprisingly, millennials are dreaming of a detached home (45%), with a backyard (57%), more square footage (44%), closer proximity to green space (34%), and a better home office (28%).
"People's priorities are shifting profoundly, which is leading to a dizzying pace of change in the housing market," says Anshul Ruparell, co-founder and CEO, Properly. "Home is now more important than ever, and many people are suddenly dreaming of a lifestyle in which nature, space, and a home office take on greater importance — resulting in a housing market that's more competitive than ever before. The traditional approach to real estate doesn't make it easy for millennials in their quest for homeownership. Properly is giving folks the confidence to buy that perfect home as soon as they find it and lets them sell their current home from the comforts of their new one."
Millennials Most Likely To Buy A New Home in 2021
Since the pandemic began, over three times as many millennials bought a home (7%) compared with the rest of the adult population (2%). As we move into 2021, many of the millennials who say they desire a new home are actually going to act on it. Eight per cent are planning to buy a new home in 2021 — twice the number planned by the rest of the population (4%). This increase in demand by millennials is one of the factors driving the imbalance being witnessed in the current housing market.
Supply & Demand: The detached dream will be tough to attain in 2021
As the pandemic forces homeowners to reassess their priorities, Ontario's millennials are facing a shortage of detached homes. According to the most recent TRREB data, since 2019 listings for detached homes have decreased by 30.4 per cent, the number of days a detached home is on the market dropped from 26 to 16 days, and detached home prices have increased by 14.8 per cent. The desire among millennials to purchase a new home is strong, but so are the odds they face.
A Smarter Way To Buy A Home in 2021
In light of today's difficult housing climate, most homeowners (86%) would feel more confident buying a new home if they had already sold their existing one, and 80 per cent worry that making an offer with conditions hurts their chances of successfully buying. Properly addresses these concerns while allowing people to act quickly to get the home they love. Homeowners can move into a new home before selling their old home, and they can feel confident about placing competitive bids without carrying two mortgages. This is made possible with Properly's Sale Assurance, which unlocks equity in the homeowner's current home prior to selling it on the open market. It's a new home selling and buying solution that makes it easier for Ontarians to realize their homeownership dreams.
About Properly
Properly is a Canadian tech-enabled real estate brokerage transforming the home buying and selling experience as the only service in Canada that helps homeowners to buy before they sell. Properly launched in 2018 with the goal of making real estate customer centric. The company is headquartered in Toronto. To learn more, visit www.properly.ca.
About the survey:
These are the findings of a study/survey conducted by Properly from Nov 20 to 23 with a representative sample of 804 online Ontarians who are members of the Angus Reid Forum.
About Angus Reid Forum surveys:
The precision of Angus Reid Forum online polls is measured using a credibility interval. In this case, the poll is accurate to within +/- 3.5% percentage points, 19 times out of 20, had all Canadians been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
About the Angus Reid Forum:
The Angus Reid Forum is Canada's most well-known and trusted online public opinion community consisting of engaged residents across the country who answer surveys on topical issues that matter to all Canadians.
SOURCE Properly
Media Contact: Linda North, 416-708-8012, [email protected]
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