Vancouver’s Gen Z buyers do not sell on downtown housing: the report

Nearly half of Vancouver’s Generation Z population says they plan to buy their first home outside the big city – and affordability is just one of the reasons, according to a new report.

On Wednesday, Sotheby’s International Real Estate and the Mustel Group released data from their latest survey of the aspirations and intentions of 18- to 28-year-olds living in four major cities.

Don Kottick, president and CEO of Sotheby’s, says the survey sought to gain an idea of ​​younger people’s priorities when it comes to choosing a location for their first property purchase.

“Of course, the cost of living right now and affordability are definitely a concern for these individuals. But even in that light, they have this aspiration that they definitely want to get home ownership and they definitely want, at some point, probably try and get into the family. dwellings, ”he says.

Very few respondents plan to seek affordability outside the province, with only three percent saying they plan to relocate to Canada. Only 10 percent said they plan to buy somewhere more than an hour’s drive from where they currently live.

In Vancouver, 44 percent of respondents said they planned to buy their first property in the suburbs. Kottick says it was contrary to the assumption that younger people are interested in being close to the nightlife, entertainment and other amenities in the city center. In Vancouver – as in all cities where respondents live – it is at the bottom of the list of priorities.

Of the 36 who said they planned to stay in the big city, only 11 percent said the priority was to be in or near the city center.

THE HIGHEST PRIORITIES ARE SAFETY, CLOSE TO WORK

Kottick says security was the top priority at 54 percent.

Next on the list was the proximity of work. Kottick says it was also at odds with the assumption that this generation prefers or is accustomed to working from home.

“Our study actually revealed that there are probably more strong graders who want to work remotely than Gen Z,” he says.

The proximity of the family, grocery stores and public transport topped the list of five top priorities.

Kottick says it is both a challenge and an opportunity for planners, developers and employers. .

“This large demographic group does not necessarily want to live in the city center in densely populated areas. They want safe neighborhoods, they want to be close to work, but not necessarily in the city center,” he said.

“This has important implications for how cities and suburbs should approach planning to improve the quality of life and housing for future generations.”

Despite being the most expensive market in the country, Kottick said the city’s survey results were in line with those of other cities and the national average.

He says the pandemic probably played a role in shaping the way Generation Z thinks about where they want to live.

“Initially, everyone wanted to get out of town, they wanted to move to the suburbs, I wanted to move to rural areas, they wanted more space.

“People won’t forget the last two years of what we’ve been through … I believe the residual effects of COVID will persist for some time to come.”

The report is the third in a row. The first report found that 75 percent expected to own a house during their lifetime. Eighty percent said they plan to do so in the next 10 years.

The second report looked at how young people planned to finance their purchases and revealed that about 40 percent planned to co-own their first house. Working on more jobs, postponing children and reducing personal expenses were some of the other ways in which the report found that this generation plans to finance the advance with their own savings.

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