Did you know that new home buyers are most interested in energy-efficient features and storage space, or that more than a quarter of new home buyers are Millennials?
A new survey has revealed what new home buyers are most interested in, what demographics new home buyers are made up of, as well as what new home buyers are willing to sacrifice in order to buy their dream home.
The survey was conducted by the Building Industry and Land Development Associaiton (BILD) and the Canadian Home Builder’s Association.
26 per cent of new home buyers are Millenials and 54 per cent are Generation X.
The most preferred in-home features for new home buyers are energy-efficient features, storage space, and multi-functional kitchen space. Buyers who were interested in high-rise homes, like condos, felt that 24-hour security, exercise facilities and building-wide Wi-Fi were most important.
In Southern Ontario, where the average home price is breaking records, new home buyers are finding themselves having to make compromises in order to purchase their dream homes. Of those surveyed, 30 per cent said they would sacrifice size, 20 per cent said they would consider fewer amenities or community features and 18 per cent said they would endure a longer commute if it meant an increase in affordability.