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TORONTO, March 24, 2015 /CNW/ - In choosing where to live, a recent TD survey found a generational divide, with younger Canadians expressing a preference for urban living while older Canadians tend to opt for a small town or rural life. But when it comes to raising a family, all age groups agree one of their preferred places to live is in the suburbs.
"These survey results show the importance of 'homefitting' – finding a home that is the right fit for you at each stage of your life," said Kate Taylor, Senior Manager, Real Estate Secured Lending at TD. "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."
The TD survey found that 33 per cent of Canadians prefer to live in the 'urbs', 31 per cent prefer the 'burbs' and 32 per cent prefer small town or rural Canada. Millennials were the most likely to want to live in a major city (38 per cent), followed closely by Gen X Canadians (36 per cent), but congestion and the high cost of urban living were the main reasons parents and prospective parents from both groups said raising a family there was unappealing.
"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," said Taylor. "That doesn't have to mean moving out of the city, however, as our survey found many younger people would consider staying in an urban setting if they could find a family-sized condo in which to raise a family."
Taylor says trading up from a smaller home to a bigger one, particularly if you want to stay in the city, takes careful planning, including saving money to cover the higher cost of buying a larger place to live. She recommends setting up a Tax-Free Savings Account to regularly put aside money, which will not only help you save for a future move, but will also help you prepare for what could be higher monthly mortgage payments, property taxes and other associated costs on a bigger home. First-time home buyers can consider contributing to an RRSP and benefit from withdrawing up to $25,000 tax-free through the Canadian government's Home Buyers' Plan.
"It's important to make the right decisions today – both in terms of where you want to live and how much you can afford to pay – so you can be sure of living in a home that continues to meet your needs, now and in the future," said Taylor.
For more information, tools and resources on home ownership, visit http://www.tdcanadatrust.com/products-services/banking/mortgages
About the TD Bank Group Life in the 'Urbs' or 'Burbs' Poll
TD Canada Trust commissioned Environics Research Group to conduct a custom survey of 6,149 Canadians aged 18 years and older, with a focus on a subgroup of 4,455 parents and prospective parents. Responses were collected between January 20 and February 8, 2015.
About TD Canada Trust
TD Canada Trust offers personal and business banking to more than 11.5 million customers. We provide a wide range of products and services from chequing and savings accounts, to credit cards, mortgages and business banking, plus credit protection and credit travel medical insurance, as well as advice on managing everyday finances. TD Canada Trust makes banking comfortable with award-winning service and convenience through 24/7 mobile, internet, telephone and ATM banking, as well as at over 1,100 branches, with convenient hours to serve customers better. For more information, please visit: www.tdcanadatrust.com. TD Canada Trust is the Canadian retail bank of TD Bank Group, the sixth largest bank in North America.
SOURCE TD Bank Group
Image with caption: "Gen 'Urbs' or Gen 'Burbs'? - TD survey shows the importance of 'homefitting' for every life stage (CNW Group/TD Bank Group)". Image available at: http://photos.newswire.ca/images/download/20150324_C7295_PHOTO_EN_13472.jpg