New year, new home: Millennials are seeking more space as the pandemic moves into 2021
December 2nd 2020
COVID-19 has changed the way many of us think about home. Home is the office, the classroom, the gym, and the spot for date night. Our recent survey shows that millennials’ perspectives on their homes have shifted more than any other generation this year. As we move into our second year at home, roughly half (48%) of millennials report being happy with where they live, as compared with 67% before the pandemic hit.
Our survey found that millennials (24-39 years old) in Ontario are three times more likely to want a new home in 2021 compared to the rest of the adult population. Not surprisingly, millennials are dreaming of detached homes (45%), with a backyard (57%), more square footage (44%), closer proximity to green space (34%), and a better home office (28%).
Millennials are more likely to buy next year
Since the pandemic began, over three times as many millennials have bought a new home (7%) as compared with other adults in Ontario (2%). As we move into 2021, 8% of millennials plan to buy a new home – twice as many as other adults (4%). This increase in demand – and demand for specific home types in particular – is one of the factors driving the challenging conditions millennial homebuyers may face in today’s market.
“People’s priorities are shifting profoundly, which is leading to a dizzying pace of change in the housing market. Home is now more important than ever, and many people are suddenly dreaming of a lifestyle in which nature, space, and a home office take on greater importance — resulting in a housing market that’s more competitive than ever before.”Anshul Ruparell, Properly CEO
Detached home dreams may be tough to achieve
As the pandemic causes homeowners to reassess their priorities, Ontario’s millennials are facing a shortage of detached homes. According to the most recent TRREB (Toronto Regional Real Estate Board) data, listings for detached homes have decreased by 30.4% since 2019. The number of days on the market for detached homes has also dropped from 26 to 16 days, and detached home prices have increased by 14.8%.
There’s a smarter way to move in 2021
In light of today’s challenging housing market, most homeowners (86%) would feel more confident buying a new home if they had already sold their existing one, and 80% worry that making an offer with conditions hurts their chances of successfully buying. That’s where Properly comes in: with Properly’s Sale Assurance, homeowners can secure the financing they need to buy the new home they love without needing to even list their current one first. There’s no financial pressure to line up buy and sell dates, no need for financing conditions, and no risk of carrying two mortgages.
“The traditional approach to real estate doesn’t make it easy for millennials in their quest for homeownership. Properly is giving folks the confidence to buy that perfect home as soon as they find it, and lets them sell their current home from the comforts of their new one.”Anshul Ruparell
If your current space just isn’t working for you, it may be time for a change. Visit properly.ca whenever you’re ready to find your ideal new home and move on your terms.
About the survey
These are the findings of a study/survey conducted by Properly from Nov 20 to 23 with a representative sample of 804 online Ontarians who are members of the Angus Reid Forum.
The Angus Reid Forum is Canada’s most well-known and trusted online public opinion community consisting of engaged residents across the country who answer surveys on topical issues that matter to all Canadians.
The precision of Angus Reid Forum online polls is measured using a credibility interval. In this case, the poll is accurate to within +/- 3.5% percentage points, 19 times out of 20, had all Canadians been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.