Millennial homebuyers are willing to make compromises on their home purchase if it cuts their daily commute.
Living closer to work has ranked as paramount with 80 per cent of young Canadians responding to a survey by TD Bank. Among those who commute, 48 per cent say they would pay a higher price for a home if it cut their work journey, compared to 34 per cent of the wider population.
There are certain things that millennials, many of them first-time buyers, will not compromise on. Despite their quest to cut the commute, 89 per cent would be unlikely to get rid of their primary or secondary car; 81 per cent won’t sacrifice amenities; and 80 per cent won’t give up their top choice of neighbourhood.
More than two thirds also said they would be unlikely to move to a smaller home than they desired.
“While living close to work has many benefits, purchasing a home in expensive urban cities can come at a price,” said Pat Giles, Associate Vice President, Real Estate Secured Lending at TD. “Finding your dream location means striking a balance among affordability, your non-negotiables and your financial future.”