After more than 1.5 years of staring at the same walls and reflecting on our home choices with added time on our hands thanks to multiple lockdowns, How has COVID Impacted our Home Choices?Canadians are reassessing our wants and needs. Ultimately, we’re looking for more space – both indoors and out.
In fact, a new report from Finder.com says home size is a huge factor as many of us remain home more than ever before – working from home offices and even learning online.
Here are the top five wish list items Canadians want in their next home:
- Larger square footage (48.3%)
- Elevated, more luxurious style (48%)
- More spacious yard (43.8 %)
- Driveway or garage (43.7%)
- Low-crime neighbourhood (38.2%)
About 45% of Canadians say they plan to move in 2021. Interestingly, twice as many Canadians say they plan to buy as opposed to rent (30% vs 15%) a new home in 2021.
Millennials are on the move
Millennials are most likely to plan a move, with 64% saying they’ll either buy or rent a new place in 2021 – that’s nearly 20% more than the national average and close to triple the rate of boomers (22%), the report says. Nearly half of Millennials (46%) were planning to buy a home (38% for house; 8% for condo).
Nearly half of Gen Z planned to move in 2021 with 27% saying they would buy real estate.
Millennials and Gen Z are twice as likely to buy or rent condos with an average of 21%, compared to Gen X and Boomers (average 9%).
Boomers are least likely to buy or rent a new home in 2021 with 78% staying put.
Like Boomers, the majority of Gen X has no plans to make a move in 2021 (66%) but, if they’re moving, it’s most likely to buy a house (19%).
More than a quarter of Gen Z (27%) planned to get a new rental this year, whereas just one in 10 Boomers are looking to rent a new place.
Thinking of buying a new home and have questions about your options. Answers are a call or email away!