The old adage “location, location, location” perpetuates the notion that proximity to amenities is one of the most important factors when choosing a place to live. This is especially true for young people, who have historically preferred city living – where all the action is – to the sleepy suburbs.
The COVID-19 pandemic has made an immeasurable impact on suburban and exurban real estate markets across the country, as Canadians of all ages flocked to communities with larger homes, affordable prices and more outdoor space. But as the vaccination rollout progresses, we can’t help but imagine what life will be like when things get back to normal; when restaurants and shopping malls re-open, when we can gather in a sporting arena to cheer on our favourite team, and simply meet up with friends and family for a picnic without being socially distanced.
If pandemic restrictions were not a consideration, given the option between city-living and living in a town or countryside, which would you prefer? Would you be surprised to learn that young Canadians are almost equally divided in their answer? Earlier this year, Royal LePage conducted a survey of Canadians aged 25 to 35, in an effort to better understand their desires, challenges and behaviours when it comes to real estate and home ownership. We posed this question to the group and found that 45% of respondents said they’d prefer to live in a city, while 47% said they would choose small town or country living.
Regionally, the results varied slightly. In Vancouver, Calgary and Montreal, a greater percentage favoured city over country living, 63%, 60% and 55%, respectively. In the province of Ontario, more than half (57%) preferred a town or countryside, although respondents in the city of Toronto did not follow that trend. In Atlantic Canada, those who preferred country living (68%) more than doubled those who said they would choose the city (29%).
Nationally, the top responses for the most attractive feature of living in a city are walkability (21%) and access to events, attractions and other entertainment options (21%), followed by diversity of people and cultures (18%), and more employment opportunities (17%). The top reasons for wanting to move to a less dense area are access to more outdoor space (62%) and lower home prices (61%), followed by the affordability of larger properties (51%).
For more insights into the homebuying trends of Canadians aged 25 to 35, and to see the full data chart, visit rlp.ca/2021demographicsurvey.
