New Surveys Shed Light On The Concerns Of Young Homebuyers
With home ownership having undergone a volatile transition phase in terms of both volume and demographics, there are now emerging trends that explain what the new generation of homeowners are worried about when it comes to their property decisions.
A recent survey of first-time buyers has shown that over 50% of Vancouver residents are significantly concerned about the size of the down payment they would need. A number that is slightly above the national average, but lower than other metropolitan areas in Montreal and Toronto.
The impact of this is being felt across the retail market, with over 25% of Canadians commenting that they have lived with relatives in order to save up for the down payment, and with only a small fraction of those respondents contributing to rent at a market rate.
Additionally, another survey has established what the primary concerns are for young first-time homebuyers, with proximity to work and strong transport links ranking at the top of their priorities. Alongside neighbourhood safety, which was marked as a top priority by 48% of respondents, these would appear to be the most significant factors when it comes to choosing a property. This will no doubt have an impact on both pricing, sales, and property development as this new wave of homebuyers moves into the market.