There’s a generational divide when Canadians choose where they prefer to live. While younger Canadians prefer urban living, older Canadians tend to opt for a small town.
In fact, 38% of millenials want to live in a major city, finds a TD survey, followed by 36% of Gen X. But congestion and the high cost of urban living are some of the reasons parents and prospective parents from both groups say raising a family there was unappealing. So they’d opt for the suburbs.
“These survey results show the importance of homefitting – finding a home that is the right fit for you at each stage of your life,” says Kate Taylor, senior manager, Real Estate Secured Lending at TD.
Overall, the survey finds 33% of Canadians prefer urban living, 31% prefer the suburbs, and 32% prefer small town or rural Canada.
“People buying a home in the city, whether it’s a condo or a house, need to keep their options open in case they want to move later when their family situation changes,” says Taylor. “That doesn’t have to mean moving out of the city, however, as our survey found many younger people would consider staying in an urban setting if they could find a family-sized condo in which to raise a family.”
She adds trading up from a smaller home to a bigger one, particularly if you want to stay in the city, takes careful planning, including saving money to cover the higher costs.
So here are some articles to help clients save.