How your age defines ‘home sweet home’

Your ideal dwelling depends on what stage you are in life

The age of the suburb prevails.

According to according a recent TD survey, when it comes to raising a family, the preferred place to live is the ’burbs.

Despite the consensus, the survey did find a generational divide, with younger Canadians (or 33 per cent of those surveyed) preferring urban living, while older Canadians (or 32 per cent of those surveyed) opting for small town or rural living. The suburbs were the preference for 31 per cent of respondents.

It’s about the importance of “homefitting” — or finding the right home for whatever stage of life you are at, says Kate Taylor, TD’s senior manager of real estate secured lending.

“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,” adds Taylor.

Although millennials at 38 per cent and Gen X at 36 per cent were more likely to live in a major city, congestion and the high cost of urban living were the main reasons they would be deterred from raising a family there.

They would, however, stay in the city, if they could find a family-sized condo, the study said.

“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 Taylor.

As trading a smaller home for a bigger one takes careful planning, Taylor recommends products such as tax-free savings accounts and RRSPs, to take advantage of the government’s Home Buyers’ Plan, to prepare for higher monthly mortgage payments, property taxes and other associated costs.