Extra Cost For Canada’s Younger Generation When Purchasing A Home

The current younger generation will have to look for ways to make negotiations when buying their homes and that includes cutting down on their daily commute, which will help a lot in saving up for their home purchase. For those that are living nearer to their working place, it makes it easier for them to move about from work to home.

A survey carried out by TD Bank, got the response of about 80 percent of the Canadian younger population which agreed to live closer to work as a paramount.

From the population of those that have to travel from work to home, 48 percent said that they will be able to have enough cash to pay for a house if they cut back on their daily commute to and fro work, unlike the other 34 percent. In other words, there are certain things, millennials will not compromise on, especially the likes of those that are buying homes for the first time. In spite of millennials trying to get rid of the commute, most of them might not do away with their primary or secondary car. Most are unwilling to move out of their preferred neighbourhood, nor do they want to cut down on special services and facilities being provided to them. Two-thirds or even more of the younger Canadian population say the chances of them moving to a smaller house is very slim.

The Associate Vice President of Real Estate Secured Lending at TD, Pat Giles said: “While living close to work has many benefits, purchasing a home in expensive urban cities can come at a price. Finding your dream location means striking a balance between affordability, your non-negotiables, and your financial future.”