Millennials make up the largest cohort of today’s home-buying population. As Canadians find themselves in the throes of another busy spring housing market, many sellers are taking an age-specific approach to marketing their listing to this younger demographic. This is especially relevant in Vancouver – one of Canada’s hottest and most competitive real estate markets.
Millennials dominate the first-time buyer group in Vancouver, favouring the condominium market. This generation is tech-savvy and environmentally conscious, and both factors play a huge role in their decision-making process. It is important to keep this information in mind when showcasing listings to a prospective client.
So, what are Millennials in Vancouver looking for in a home?
Green, energy-efficient homes: Well-designed, energy-efficient homes are crucial for a generation that cares about the climate crisis and their ecological footprint. Good insulation, efficient lighting and updated plumbing systems are important features that affect how large a house’s footprint is. For environmentally conscious buyers, it is important to demonstrate the long-term value of a home both in terms of energy savings and a reduced footprint.
Smart, connected homes: Smart home technology is growing with this buyer cohort. The ability to control the lights, home security upgrades and smart thermostats should all be integrated into a property.
Entertaining spaces: Today’s home buyers are looking for open and usable spaces to host friends and family. Open floor plans and functional outdoor spaces are key selling points – a view of Vancouver’s waterfront is a bonus!
The neighbourhood: When it comes to buying a home, it’s important to look beyond the property itself and think about the neighbourhood. According to the RE/MAX 2018 Spring Market Trends Report, Millennials prefer to live closer to work and have access to green spaces and parks. These are the factors they consider beyond the price of a home.
With more Millennials entering Vancouver’s real estate market, whether it’s a starter home or investment property, it’s important to keep the key features they’re looking for top of mind. Thankfully, Vancouver is a very liveable, so these features won’t be hard to come across in a house hunt!