Century 21 teamed up with RONA to study the home-buying habits of Canada’s number one housing driver, baby boomers, and the generation expected to take the wheel in the near future: millennials.
The findings of the National Home Buyer Preferences Survey show that both generations are interested in turnkey homes; preferring a home that doesn’t require any additional work.
"Canadians are united in wanting move-in ready homes, which is valuable information for those planning to sell," said Don Lawby, President of Century 21 Canada Limited Partnership. "Now 'prime location' isn't just defined by convenience, as lifestyle considerations are equally important in a neighbourhood."
This allows homeowners to spend time participating in activities they enjoy, instead of having to focus on the necessary chores of making a home livable.
“Both the boomers and the millennials want move-in ready homes,” said Dan Lawby, president of Century 21 Real Estate Canada. “Time is very important to people…they want to spend time doing what they want to do and not the things have to do.”
It’s information that sellers may want to keep in mind, as both generational groups are considered the drivers of the market today and tomorrow, respectively.
“The message that it sends sellers is that if you are thinking of selling or putting your home on the market and something needs to be done, do it before you put it on the market,” Lawby says, adding it may be something as basic as painting a room. Digital images of the home showing its curb appeal are becoming more important, Lawby said. Sellers should be aware of how the home looks when presented digitally.
As for the aging boomers; the study found that some valuable urban real estate may be opening up in the near future as this age group ages and collectively heads out of the city in favour of less busy pastures.
“Baby-boomers don’t need to work,” Lawby said. “They are going into condos because they have the ability to close the door and walk away. They are cashing out to some degree in big cities and moving to the smaller communities.”
The study even delved into the buying styles of each area of Canada. According to the study:
- The Atlantic provinces are practical home buyers, valuing location and having funds remaining for personal expenses.
- Quebec home buyers want convenience for their commute and a move-in ready home.
- Ontario home buyers desire character homes, and move more often.
- The Prairies prioritize their social lives when home buying.
- Albertans are family-focused home buyers.
- British Columbian home buyers want a convenient location and to own a piece of the great outdoors
And it delved much deeper into the mindsets of both generations. To read the entire results, click here.