Canadians’ preference for where to live is remarkably balanced, showing investors that renters will continue to seek both urban and rural properties.
But there is a generational divide, according to the TD survey, which found that millenials were the most likely (38 per cent) to want to live in a major city, followed closely by Gen X Canadians at 36 per cent and baby boomers at 28 per cent.
“It’s important to make the right decisions today – both in terms of where you want to live and how much you can afford to pay – so you can be sure of living in a home that continues to meet your needs, now and in the future,” said Kate Taylor, senior manager of Real Estate Secured Lending at TD.
Among all survey respondents, 33 per cent of Canadians in all age groups prefer to live in an urban centre, while 31 per cent prefer the suburbs and 32 per cent prefer small town or rural Canada.
“These survey results show the importance of ‘homefitting’ – finding a home that is the right fit for you at each stage of your life,” added Taylor.