House for Sale: What Do Millennials Want?

House for Sale: What Do Millennials Want?

Those making up the 20 to 35-year-old age group, called millennials, are now invading the real estate market. What kind of house gets their hearts poundings?


If we are now paying attention to millennials when it comes to real estate, it is because they have very recently become major buyers. Five years ago, statistics showed that most people in this age group lived with their parents or in apartments. Their youth was not the only reason it was difficult for them to become homeowners, but most notably because of high property prices and strict mortgage requirements. But the situation has changed for older millennials: they have now been working for some years, have paid off their student debt and are ready to buy their dream home. But what is it? What are they looking for?

Living in the Suburbs

According to a recent study, American millennials are more likely to settle in suburbs than in cities. Data that also describes the behaviour of millennials in Quebec. A number of factors explain this preference, not only the higher price of real estate in major metropolitan centres, but also the desire for a more tranquil life, away from the hustle and bustle. According to some experts, this could even lead to a slowdown regarding increasing property values in urban areas.

In the Heart of Nature

The truth is that the suburbs are actually a second choice for millennials, when they cannot achieve their first wish: to live in the countryside, in the heart of nature. According to a Léger survey commissioned by RE/MAX, 65% of young people between the ages of 18 and 34 want to live on large, tree-lined plots near waterways. However, these living environments are at too great a distance from their workplaces or from services for their children, which pushes them to select residential neighbourhoods on the outskirts of town.

Smaller Houses

You’ve no doubt heard of the tiny house phenomenon, these homes that are no more than 300 square feet and that cost less than $50,000. More and more young people seem to be interested in this type of property. The main reason is their desire to reduce their environmental footprint; the second is their limited budget. However, there are so few tiny houses in Quebec that their options are slim. So eco-minded millennials are turning to condos or townhouses. But be careful! They are looking for homes that are functional despite their small size. This age group loves rooms that use all available space or transform serve different purposes.

A House to Last a Lifetime?

A notable difference between millennials and baby boomers is that many skip the “starter-home” stage. Previously, first-time buyers opted for lower-priced properties that did not always match their needs. The idea was to live there for a few years and then resell to buy a more suitable home. Realtor magazine reports that 33% of American millennials spent a minimum of $300,000 on their first home in 2018. Which is a good amount! In fact, in comparison, baby boomers at the same age were content with houses not exceeding $100,000. It is true that real estate prices are quite different today, but proportionally, today’s young adults are acquiring more expensive properties that meet all their needs in order to live in them longer.

Turnkey or No Key?

It is probably because they invest heavily in a home that millennials expect it to offer more. In fact, most of them turn to homes that do not require any renovations. A turnkey home has always been popular, and this is true today more than ever. To the extent that in the near future, sellers will have to adapt by renovating more extensively before they can sell.

Brokers Are Having to Adapt

The entry of millennials in the real estate market has had other consequences, especially when it comes to the role of the broker. In order to adapt to this distinct clientele, they have had to, in part, adjust the way they work. For example, the broker must now contact the client by text or email to reach them quickly. The client may not answer a phone call. This relationship between millennials and technology is also apparent when it comes to searching listing. According to a 2017 National Association of Realtors (NAR) study, 99% of young Americans between the ages of 20 and 35 use the Internet to shop for properties.

But don’t worry, with a RE/MAX broker, you are in good hands. They use every means at their disposal to make your home shine. In fact, regardless of your age group, they are here to guide you. Don’t hesitate to call on RE/MAX.

RE/MAX Québec

By RE/MAX Québec

By RE/MAX Québec

A leader in the real estate industry since 1982, the RE/MAX network brings together the most efficient brokers.