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."
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Millennial homebuyers are willing to make compromises on their home purchase if it cuts their daily commute.