Vancouver

Most Gen-Y Vancouverites Looking to Buy a Home: Survey

More than 70 per cent of Vancouver’s Millennials want to buy a home within two years, and a quarter would buy with a parent if necessary, reports Intergulf

By
REW.ca
September 10, 2014






Gen-Y

More than 70 per cent of Vancouver’s Millennials (aged around 18-33) want to buy a home in the next two years, and a quarter would buy jointly with parents in order to afford it, according to a survey by development group Intergulf released September 10.

Nearly 80 per cent of the 727 Generation Y respondents said they would be likely to buy with a partner, compared with 40 per cent saying they would buy a property on their own.

Buying with parents was the third most common expectation at 27 per cent, followed by ownership with a friend (14 per cent ) and a sibling (13 per cent).

Just behind the three expected choices for most important purchase considerations when buying a condo – the top three being location (92 per cent), price (89 per cent) and size (65 per cent) – is space layout, selected by 50 per cent of respondents.

Rounding out the top five of must-haves is proximity to public transit, at 36 per cent of respondents.

As for building amenities, some 70 per cent of Gen Y respondents selected a rooftop patio with a view their most desirable or valuable condo amenity space.

The rest of the top five responses on amenities are an outdoor entertaining area with BBQ and seating (68 per cent), a pool/sauna (68 per cent), an outdoor space (61 per cent) and a basic fitness centre (52 per cent).

The survey results come on the heels of a TD Bank survey and infographic published September 9, which found that more than two-thirds of Generation X Canadians (aged 34-54) want enough funds left over to afford their lifestyle after paying their mortgage.


Joannah Connolly has been editor and content manager of REW.ca since May 2014. Joannah has appeared on major local TV outlets as a real estate commentator, and has moderated and spoken on several industry panels. During this time, she also spent two years hosting the Real Estate Therapist radio show on Roundhouse Radio 98.3FM. A dual Canadian-British citizen, Joannah has 20 years of journalism experience in Vancouver and London, with a prior background in construction, architecture and business media.
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