Size doesn't matter when location is the trade-off

By NextHome Staff
January 02, 2014
It's true – size doesn't matter when the trade-off is a convenient, "efficient" location, according to a recent survey conducted by Pembina Institute and RBC. The survey asked a series of questions to gauge respondents’ preferences for location-related attributes – such as walkability, commute times, home size, neighbourhood, home prices and transportation costs when making home location choices. The survey found that while detached houses remain a high priority for many homebuyers, their preferences are also strongly driven by location-based attributes: choosing a home is a question of where to live, not just what to live in. The results of the survey show that a large house and spacious lot are not as important as living in a neighbourhood that is walkable, mixed-use, transit-connected and that offers shorter commute times. GTA homebuyers would choose a more modestly sized home to enjoy these attributes, both in suburban and urban locations. In fact, the survey found a clear preference for location-efficient suburbs over those that are car-dependent.

size doesn't matter_buyers choosing convenience TTCSurvey says...

1 | GTA homebuyers prefer walkable, transit-friendly neighbourhoods When housing costs are not a factor, 81 per cent of respondents would choose to live in an urban or suburban neighbourhood where they can walk to stores, restaurants and other amenities, and where they can access frequent rapid transit. They would choose these neighbourhoods even if it meant trading a large house and yard for a modest house, townhouse or condo. 2 | Most homebuyers choose a location based on price rather than preference Affordability is a primary consideration; over 80 per cent of respondents choose a neighbourhood because that is where they can afford a home. 3 | Walkable, transit-friendly suburbs are becoming more popular When the cost of housing is not a factor, only 19 per cent of respondents would choose a suburban location with a large home and yard, but where a car is required and commuting takes more than 30 minutes. By contrast, 42 per cent of respondents would choose a modest house, townhouse or condo in an urban or suburban location that is walkable, and where it is possible to commute by rapid transit. 4 | All age groups and family types prefer location-efficient living If cost were not an issue, all age groups would prefer to live in a location-efficient city or suburb, with 82 per cent of respondents over 60 and 84 per cent under 35 exhibiting that preference. Seniors and young people would pay a higher price to live in a walkable, transit-friendly neighbourhood, even if it means giving up a larger detached home and yard. The same is true of families with one child or less. Only 40 per cent of families with three or more children would prefer a large house in a car-dependent suburb in the 2014 survey, and 51 per cent would choose a location-efficient suburb. 5 | Understanding transportation costs makes homebuyers more likely to choose a walkable, transit-friendly neighbourhood Homebuyer preferences shift when they are told that they can save a minimum of $200,000 over a 25-year period by giving up one household car and walking, biking or taking transit. When informed of these savings, 60 per cent of respondents would choose to live in an area with easy access to rapid transit, even if they could only afford a smaller home. Only 36 per cent of respondents would choose a larger home in an area without access to rapid transit.

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