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January

Insight on Millennials, Home Upgrades, Urban Retirement

Whether you’re curious about Millennials’ financial challenges, seniors’ strong taste for urban living, or the year’s best home renovation projects, check out some of the research that has come out in recent months.

The results may influence your short-term renovation decisions, clarify your housing plans, or prompt you to reconsider your retirement venue.

Seniors Maintain Taste for Urban Living

Seniors from Toronto and Boston, to Chicago and Los Angeles, have a strong taste for urban living and want to age in their cities when they’re over the age of 80, according to the 2017 Aging in Cities survey (http://prn.to/2ys7DI4) by Welltower. Their concerns about city life include affordability, safety, access to health care, and mobility.


Top Remodeling Projects

Read NAR’s 2017 Remodeling Impact Report (bit.ly/2hI0Joo) to see the remodeling projects that provide the greatest financial boost.

Here’s a view of REALTORS® top interior and exterior projects.

Interior Projects (REALTOR rank of projects’ likely value to the home for resale (highest to lowest)

Exterior Projects (REALTOR rank of projects’ likely value to the home for resale (highest to lowest)

Complete kitchen renovation

New roofing

Kitchen upgrade

New vinyl windows

Bathroom renovation

New garage door

Add new bathroom

New vinyl siding

New master suite/owner’s suite

New wood windows

HVAC replacement

New steel front door

Hardwood flooring refinish

New fiber-cement siding

Basement conversion to living area

New fiberglass front door

Attic conversion to living area


Closet renovation


Insulation upgrade



A Pulse on Consumer Sentiment

The Housing Opportunities and Market Experience (HOME) report (http://bit.ly/2gI433d)   monitors consumer sentiment about the housing market on a quarterly basis.

Good Time to Buy a Home

Age

34 or under

35 to 44

45 to 54

55 to 64

65 or over

A good time

62%

73%

75%

81%

81%

Not a good time

38%

28%

25%

19%

19%


Expanding Millennial Population Facing Home-buying Hurdles

The potential future buyers—Millennials--of your house are an ever growing group and its members are facing hurdles in their quest for homeownership.

Royal LePage’s Peak Millennial Survey looked at the demographics of Millennials, paying particular attention to peak millennials (aged 25 to 30), and their home buying wishes and challenges. The demographic group is expected to increase 17 percent by 2021.

Here are some findings:

  • 87% of Canadians aged 25 to 30 believe homeownership is a good investment
  • 69% hope to own a home in the next five years, but only 57% believe they’ll be able to afford one.
  • 61% would prefer to buy a detached home, but only 36% believe they’ll be able to find such a property.
  • 64% believe that homes in their area are unaffordable, with a significant proportion of respondents in both British Columbia (83%) and Ontario (72%) saying prices are simply too high.
  • Of those that don’t think they’ll be able to own a home in the next five years, 69% said that they can’t afford a home in their region or afford the type of home they want. 24% aren’t able to qualify for a mortgage.