22 Feb Family Matters – In Life and Real Estate
Family Matters – In Life and Real Estate
When your family changes, so do your housing needs. A change to family life is one of the most common reasons people move. Whether it’s a growing family, downsizing, combining families, or multi-generational homes.
Back in the day, there was a bit of a traditional route people took… Consider my grandparents: they got married, found a starter home, and began their family. As the kids started to grow, they relocated to a larger family home in Burlington, Ontario. The kids moved out pretty shortly after finishing school (most following that same traditional life path) and my grandmother still lives in that family home.
Today’s changing economic and demographic landscape has made things a little less “traditional” for millennials making housing choices.
- Many millennials are moving back in with their parents after finishing school.
- Millennials are often choosing to have children later in life. Proximity to schools or kid-friendly neighbourhoods may not be as important until later in life.
- Many millennials have fur-babies aka pets that play an important role in their lives and impact their housing decisions.
- With the high cost of housing in the GTA, the path to a large detached family home is not the same as it used to be. Entry-level real estate often looks like condo apartments, townhouses, and upgrading means to perhaps a larger townhouse or a semi-detached, before moving to a detached home (and even that may not be a possibility in some markets).
- Multigenerational households are more and more common. Older adults are moving in with their adult children. Couple that with young adults moving back in after school, and we see an interesting mix of demographics under one roof.
Family changes have always been a primary motivation for a move.
Although today’s young generations may approach real estate and family milestones in a different way than the generations before them, the one constant is that family dynamics drive the decision to move.
If your family is changing and you find yourself in need of a new home, I’d love to chat with you about what your options are.