A recent survey from TD Canada Trust (TD) found that millennials are more likely to choose an urban lifestyle while older generations tend to gravitate to small towns or rural settings. Across the board, each age group believed that suburbs were the ideal neighbourhood in which to raise a family, although Gen Y individuals indicated an interest in staying in the city if family-sized condo options were available and attainable.

“People buying a home in the city, whether it’s a condo or a house, need to keep their options open in case they want to move later when their family situation changes,” says Kate Taylor, Senior Manager of Real Estate Secured Lending at TD. “That doesn’t have to mean moving out of the city, however, as our survey found many younger people would consider staying in an urban setting if they could find a family-sized condo in which to raise a family.”

The survey findings, derived from a group of 6,149 Canadians aged 18 years and older, were as follows:

• 33 per cent of Canadians prefer to live in a city;
• 31 per cent of Canadians prefer suburban life;
• 32 per cent of Canadians prefer a small town or rural living situation; and
• 38 per cent of Canadian millennials and 36 per cent of Gen X individuals prefer an urban dwelling.

TD enlisted the help of Evironics Research Group to conduct the custom survey earlier this year.

“These survey results show the importance of ‘homefitting’ – finding a home that is the right fit for you at each stage of your life,” adds Taylor. “For example, many younger people clearly see the appeal of urban living, but that can come at a price, which makes it even more important to start saving for the home of your dreams as early as possible.”