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

September 10, 2014

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.