Gen Y buyers want to stay in cities

Gen Y buyers want to stay in citiesSettling to the suburbs for the picture perfect life may be the goal for many, but not for Generation Y who want it all on their doorstep in the city.

 The high price of buying in the city is a small sacrifice for a slice of the action, or so believes the young guns who want the live/work/play lifestyle right on their doorstep.

That is according to a new report by PWC which highlights the recent “return to cities’ trend. John Bunting, the report’s author, says this generation is increasingly choosing in-town living and high-rise apartments or townhouses over suburban subdivisions, house-and-yard lifestyles.

“Aging baby boomers get tired of shoveling snow and navigating roads during harsh winters, gen-Yers are attracted to better job opportunities and a glamorous city life.”

It’s a trend that is “reaching every part of the country” and not just the traditional business districts, such as Toronto and Vancouver. For example, Winnipeg’s downtown core is enjoying a revival thanks to the high demand for condo dwellings. “We are seeing a lot more buyers choose the condo market over the single-family home. There is a great vibe downtown core and that adds to its incentive,” says Peter Squire, director of Public Affairs at WinnipegRealtors.

While condo development is expected to slow down considerably in 2014, the PWC report says they expect demand to continue in the “medium term” which should “contribute to a reasonable ongoing market for new projects in a ‘more normalized cycle’.”

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