A lot of people have been talking about the so-called millennials moving back to the suburbs to own their own homes and work from home. Things have been changing so fast that they don’t even realize it anymore. You would think that there is a correlation between technology and home ownership; we can keep up with technology and keep up with household chores. However, that is not the case.
A new Canadian Mortgage Research Institute (CMRI) report suggests that young adults looking to buy a home in the Greater Toronto Area will be pushed to the suburbs to find a more affordable home, while millennials will be pushed to the suburbs to find a dream home and work from home.
If you were to visit the town of Kitchener, Ontario, the first thing that might strike you is the homogenous landscape of low-rise, single-family detached homes. There are few surprises here. But why are neighbours clustered together in such a fashion? Why are the houses single-family houses? Why are they detached houses?
The definition of suburbs has changed throughout history. The term was first used during the early 20th century as a British term for the suburbs of major cities such as London. These areas were generally considered to be undesirable and were often located outside of cities. Despite this, they were popular among the upper class of society, who appreciated the affordability of these areas. This changed during the middle of the 20th century, as developers realised that suburbs had a huge potential for growth and were able to create a better living environment.
Many young people choose to live in the suburbs rather than the inner city. But why? There are many reasons why people choose to live in the suburbs, even if they are still younger than 35 years old. Firstly, the suburbs offer a lot of freedom and independence, while it is easier for younger people to manage their own schedules and manage their own finances. However, there is a new phenomenon that has been dubbed “The New Suburban Dilemma.” It is a scenario where people who once chose to move to the suburbs out of choice now choose to move there by necessity.
For over 100 years, the suburbs have been the go-to dream home for families everywhere. But if you think it’s always been this way, you’re wrong. In fact, at one point, the suburbs were considered the next step up from urban living, with factories and coal mines their very antithesis. Back then, the suburbs were seen as the place where you could get the best of both worlds. The benefits of city life but with the comforts of country living.
There are two main benefits of suburban living: the freedom and convenience of living in a place that’s literally within reach of nature and nature-inspired activities and the availability of big-box stores, malls, and grocery stores. So what’s the downside? Well, if you’re an urban dweller, it may be that you don’t have the same access to the outdoors that you once did.
Millennials have a lot in common with a generation a decade before them, meaning they’re likely to be in a similar situation in the next 10 years. One common issue for this generation is that they live in a suburban area because that’s where the jobs are, meaning they have to commute to the city everyday, as well as pay for a house as an adult. Not only will this affect their quality of life, but it will also affect their net worth as years go by, as they’ll have to make monthly payments on their house as opposed to paying rent.
It’s no secret that Millennials are all about life in the city. But, living in the city doesn’t have to mean shared laundry rooms and noisy neighbourhoods. While there are plenty of ways to find a home in the suburbs, you have to go to a place with some perks if you want to ditch the drama and the shared laundry rooms. Author Christian Horan recently wrote an article on the best suburbs for the young, urban professionals looking for an affordable home, career, and lifestyle.
American and Canadian cultures differ in so many ways, and one of the most notable differences in the way we live. America’s love for the suburbs has transformed many suburbs into places to live and work. These suburbs serve as a perfect fit for people who don’t want to deal with the grotty and crowded cities we live in. As the size of the average Canadian home increases, so does the need for it to be conveniently located near a job. For many, this means relocating to the suburbs. However, if commuting from your home to your job is a pain, you might be better off retreating to a condo or apartment in the city centre.
Along with millenials moving into the suburbs, there has been a large increase in the amount of real estate proffesionals going online. With real estate agencies like EXP Realty being online focused, and mortgage brokerages like Highline Mortgage offering fully digital assistance to their clients.
Millennials continue to be the most sought-after demographic in Canada. They want to live in the suburbs with strong local communities. A great example of this is individuals moving from Vancouver to Kelowna BC where it is easy to find a Kelowna mortgage broker. Most want their own piece of land to create a family legacy. They are willing to pay for quality. They are willing to buy quality housing. They are willing to buy luxury. Most importantly, they are not that interested in buying more houses.
With the cost of living constantly rising, more and more young Canadians are opting to live in the suburbs. Unfortunately, depending on your starting location, you may be paying too much for your mortgage. While the long-term financial benefits of moving to the suburbs are obvious, the short-term financial sacrifice can have a negative effect on your home values. Many first-time home buyers find themselves in a situation where they could be paying too much for their mortgage.