A recent study found that Canadian millennials are actually more traditional than expected, and that they may want a life that, in part, mimics that of the Ward family in the 1950s television show, “Leave It to Beaver.”
A single-family home with a white picket fence, two kids, an SUV parked in the driveway and a dog—these are the things for which many young Canadian couples are striving, it seems.
The study found that young families would choose to buy a detached home if money wasn’t an issue. In fact, 83 per cent said a single-family home is what they’d prefer to buy, while 5 per cent said they’d prefer condos.
Poking Holes in Popular Perception
Study results showed that modern families don’t envision themselves in city-centre, multi-unit complexes. Canadian adults, 20 – 45 years of age, said space was one of the top priorities when thinking about the perfect homes for their families.
But with rising real estate prices in urban centres, many young families have found the dream of one day owning a single-family home difficult to achieve.
There May Be Hope
Saving for a down payment is a difficult task in Canada’s current economic climate. There is hope, however, for adult children via their parents. Many children will receive inheritances from their parents, which may come in the form of money or real estate, according to the report. Many will likely spend any money on investing in real estate or to pay down their debts, which will free them up to be able to save for that dream home. That wealth transfer is earmarked to take place within the next 10 – 15 years.
Those young families who do own real estate other than a single-family home have not given up on the real estate market entirely. In fact, more than 75 per cent believe their properties will appreciate quicker than any other investments they’ve made.
It’s all about loving where you’re at in the moment. Most condo owners admit they’d love to have a single-family home, but that doesn’t stop them from being happy where they are currently living. The study indicated that 93 per cent are “very” or “somewhat” satisfied with their homes.