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Prices block most of Canada's young households from ideal housing

 

by Ephraim Vecina16 Nov 2018

If costs are not an issue, a vast majority (83%) of young Canadians would choose to raise their families in detached homes over any other housing type, according to a fresh poll by Sotheby’s International Realty Canada.

The study, which surveyed Canadian households where the oldest members were aged 20-45 years, reinforced what data from the past few years has been stating all along: Inflamed costs in the single-family housing sector are mainly responsible for pushing millennials out of the market.

Condos, which have emerged as the budget option for hopeful home-owners, were the preferred choice of only 5% of those polled.

“The popular perception is that people in modern families have typically preferred multi-unit and city centre locations, when in fact what the report shows is if price were no object, they would prefer single family homes,” Sotheby’s International Realty Canada president and CEO Brad Henderson told HuffPost Canada.

Read more: Despite market prominence, ownership remains elusive for millennials

The primary factor attracting young households to single-detached homes is the floor space, which far outstrips every other housing type.

“Families placed the highest priority on achieving ‘value per square foot’ in their actual home purchased over design, layout and other feature considerations,” Henderson said.

“What the data is telling us that it's becoming harder and harder to achieve that objective,” he concluded. “The price of housing has gone up faster than wages so the dream of detached home ownership is becoming more difficult.”

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