The remote-working revolution significantly affected many Canadian young adults' home purchase plans
Nearly half (47%) of Canadian Generation Z adults living in the nation’s urban areas have ranked proximity to their workplaces and offices as a top priority when it comes to purchasing their first homes, according to a new survey by Sotheby's International Realty Canada.
However, only 15% said that purchasing in or close to a downtown core is a priority. Workplace proximity was surpassed only by neighbourhood safety (56%) as a key criterion for home purchases, the study found.
Other main considerations for younger Canadians’ choice of first home were proximity to a grocery store (39%), transit friendliness (36%), living close to family (35%), and walkability (34%). Less important characteristics were cycling friendliness (8%) and proximity to nightlife facilities like clubs and bars (5%).
“During the pandemic, the desire, need, and ability to work remotely influenced and enabled some Canadians to relocate to outlying suburban or recreational regions to achieve more space and a more desirable lifestyle. This helped drive record real estate sales activity across the country,” said Don Kottick, president and CEO of Sotheby’s International Realty Canada.
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Kottick added that the trend has “significant implications” on how policy makers and urban designers should approach future developments.
“This may require planning for a future where jobs and office spaces are distributed beyond downtown cores and hyper-concentrated business centres in central municipalities, with smaller peripheral municipalities and suburban areas playing a more significant role in hosting both commercial and residential real estate opportunities,” he explained.
