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Industry NewsPriorities for a first home locale include proximity to a grocery store:...

Priorities for a first home locale include proximity to a grocery store: Study

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Forty-seven per cent of Canadian Gen Z say returning to the office factors into home-buying plans, refuting claims that Gen Z prefers to work from home, almost half of Gen Z respondents say living close to their workplace is a priority, even outweighing downtown location and closeness to family.

As employees and employers negotiate new possibilities for remote and hybrid work as the COVID-19 pandemic evolves, a newly released generational trends report by Mustel Group and Sotheby’s International Realty Canada highlights new insights revealing that future housing demand will be underpinned by an expectation for a return to the workplace and office, as well as a balanced preference for urban and suburban living amongst Generation Z home buyers.

Newly released Mustel Group/Sotheby’s International Realty Canada survey results reveal that nearly half (47 per cent) of urban Generation Z adults in Canada’s largest metropolitan areas rank buying a home “close to work” as being a top priority for the location of their first home purchase, although just 15 per cent indicate that purchasing in or close to a downtown core is a priority. Proximity to work is surpassed only by neighbourhood safety as a key location characteristic, with safety being cited by 56 per cent of survey respondents overall. Other priorities for a first home locale include proximity to a grocery store (39 per cent), transit friendliness (36 per cent), living close to family (35 per cent) and walkability (34 per cent). According to survey results, the lowest neighbourhood priorities for a home purchase are cycling friendliness, cited by 8 per cent as a key factor, and living near nightlife such as clubs and bars, reported by 5 per cent.

Survey findings also reveal an almost even distribution between urban Generation Z adults who plan to purchase their first home in a major city, reported by 40 per cent, and those who plan to buy in a suburb outside a major city reported 42 per cent. Approximately one in 10 expect to buy their first home in a small town (7 per cent) or rural area (3 per cent). 8 per cent remain undecided as to the community type of their first home.

Previously released research by Mustel Group/Sotheby’s International Realty Canada reported that 75 per cent of urban Canadian Generation Z adults say that they are likely to buy and own a primary residence in their lifetime. Approximately half of urban Generation Z adults are most likely to purchase a higher-density housing type as their first home, with 25 per cent reporting that their first home purchase will likely be a condominium, 18 per cent saying that their first home will be an attached home/townhouse and 7 per cent stating that their first home purchase will be a duplex/triplex. 39 per cent reported that they are most likely to buy a single-family home as their first residence.

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