{"id":12427,"date":"2019-05-14T11:11:11","date_gmt":"2019-05-14T18:11:11","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12427"},"modified":"2019-04-24T12:48:18","modified_gmt":"2019-04-24T19:48:18","slug":"more-millennials-are-fleeing-to-the-suburbs-for-affordable-homes","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/05\/more-millennials-are-fleeing-to-the-suburbs-for-affordable-homes\/","title":{"rendered":"More Millennials are Fleeing to The Suburbs for Affordable Homes"},"content":{"rendered":"

Rising housing costs in Canada\u2019s major housing markets are leading more and more Millennials to look outside the urban centres they previously aspired to own homes in.<\/p>\n

\u201cWe\u2019re now seeing Millennials looking beyond the city for their housing needs, particularly as they start thinking about their needs for the future, like having more space to raise a family,\u201d says Pat Giles, TD\u2019s vice president of real estate secured lending, in a statement.<\/p>\n

\u201cAs a result, many are choosing the suburbs to either make the move to a new home or upsize from their current one, a shift from just a few years ago when city living was this generation\u2019s preference,\u201d he adds.<\/p>\n

Giles\u2019 insights are gleaned from a recent TD-commissioned Environics Research Group survey of 1,901 Canadians between the ages of 25 and 69. Some 761 of respondents were Millennials aged 25 to 34, and of these 64 percent are open to the suburban life if it means owning a home that satisfies current needs or future goals, while 33 percent favoured city living.<\/p>\n

Affordability was the most common factor motivating the Millennial flight to the suburbs, with 64 percent citing it. However, outdoor space and more living room followed closely at 63 percent and 62 percent, respectively.<\/p>\n

It\u2019s not just location that Millennials are willing to compromise on to achieve homeownership dreams: 58 percent say they\u2019d eat out less, 56 percent would shop less often, and half would trim entertainment expenses. However \u2014 seemingly at odds with an apparent willingness to move outside the city \u2014 just 27 percent of Millennials would take on a longer commute for a suburban dream home.<\/p>\n

Overall, homebuying aspirations were strong, with eight in 10 Millennials having ownership goals. \u201cAlthough homes in today\u2019s housing market cost much more than they used to, the desire to own the right home hasn\u2019t wavered, especially for Millennials,\u201d says Giles.<\/p>\n

Canadian Millennials are Fleeing to The Suburbs for More Affordable Homes<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

Rising housing costs in Canada\u2019s major housing markets are leading more and more Millennials to look outside the urban centres they previously aspired to own homes in. \u201cWe\u2019re now seeing … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-12427","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"\nMore Millennials are Fleeing to The Suburbs for Affordable Homes • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/more-millennials-are-fleeing-to-the-suburbs-for-affordable-homes\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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