According to a new housing report from Finder, approximately 45 per cent of Canadians (14 million) are planning to buy or rent a new house or apartment in 2021 with millennials making up the majority (64%). Interestingly, more than a quarter of the Gen Z respondents (27%) said they intend to get a new rental this year, compared to just 1 in 10 Boomers.
In terms of what priorities and preferences are influencing Canadians as they consider their next housing move, the top five factors are: more space and rooms (48.3%); style and look of the home (48%); spacious backyard or outdoor space (43.8%); driveway or garage (43.7%); low-crime neighbourhood (38.1%).
“It’s understandable that with the unprecedented amount of time Canadians have spent in their homes, they are prioritizing factors like more space or rooms and outdoor space,” said Nicole McKnight, Canada PR Manager at Finder. “Other pandemic housing trends that will likely continue will be the desire for a home office.”
Other key findings from the housing report:
- Millennials are most likely to want a bigger (52%) more stylish (49%) home with luxury details (23%) and they also care more than any other generation about having a home office (26%) and being near amenities (39%).
- For Gen Z, it’s all about proximity to work (39%), transit (37%) and friends (35%).
- Half of Boomers (50%) identified having a driveway or garage as the most important factor in their next home, while the other half (47%) said it’s living in a low-crime neighbourhood. About a quarter of Boomers (26%) also said they want to have a green or energy efficient home.
- Gen Xers care more than any other generation about having a large backyard (47%).
- Compared to men, women care much more about the style and look of the home (53% vs 44%), being in a low-crime neighbourhood (44% vs 33%) and having a spacious backyard (50% vs 38%).
For the full report, click here: 2021 New Home Wish List | Finder Canada