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69% of young professionals want to buy units with three or more bedrooms: Environics

Young professionals, aged 18-40, are twice as likely to buy a new home in the next year as compared to 40 plus professionals, according to an Environics survey of 387 young professionals in the GTA. 50% of respondents want to buy in the City of Toronto, and  appear to have set their aspiration on three-bedrooms or more:

  • 32% are likely to buy a home within a year
  • 50% want to buy in the City of Toronto
  • 69% want to buy units with more than three bedrooms. [1]

 

 

“Toronto’s housing affordability crisis stands to significantly impact our ability to attract and retain top talent—in all industries and sectors,” said Jan De Silva, President & CEO, Toronto Region Board of Trade. “The Board is focused on the needs of young professionals—particularly those building families—and it’s our duty to raise our voice on the ‘missing middle’ of housing in the region.”

The talent crisis

Toronto remains the main hub for careers.  One of the motivations of the Ontario government’s Ontario Fair Housing rules was “reining in” prices to preserve talent. The average cost of detached houses has convinced a lot of young professional buyers to shift their sites to vertical living. As a result, condo prices have been pressured upwards. According to the survey, however, notwithstanding prices, young professionals clearly prefer to be in Toronto — possibly to avoid the long commute.

 

Condos such as Via Bloor from Tridel have 3-bedroom floorplans, ideal for young professionals. 

 

Of those surveyed:

  • 50% want to stay in the GTA
  • 31% prefer York
  • 30% Peel
  • 20% Durham
  • 18% Halton.

All of these regions are within a theoretical commuting distance of central Toronto, but 50% of young professionals still prefer Toronto itself.

 

A large condo suite at Bianca by Tridel is ideal for professionals.

 

Size matters

Young professionals are pretty convinced bigger is better:

  • 69% want 3 bedrooms or more
  • 26% want 2 bedrooms
  • only 4% want 1 bedroom.

 

A 3-bedroom suite at Via Bloor by Tridel.

 

While the resale market is a little low on inventory in the larger units, new condo developers, such as Tridel, have been building larger homes with more bedrooms.

“Providing young professionals with more options to allow them to live and work in the GTA will ensure we have the talent we need to be one of the most competitive and sought after business regions in the world,” said De Silva.

NOTES

[1] Toronto Board of Trade “Young Professionals are Looking Beyond the 1-Bedroom Condo”

Via-Bloor-Tridel
Auberge on the Park-Tridel
Bianca-Tridel-Annex

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