-The second, and last part of Honing in on home looks at Millenials (those born between 1980 and 1995) and how they are approaching the issue of home ownership.
The North American dream of owning a house with a backyard for the kids might be fading with a new generation of professionals.
Patterns showing a preference for renting and public transit were discussed at a recent Metro Vancouver sustainability breakfast, Rental Housing Matters, at the Radisson Hotel in Richmond.
(Millenials) are looking for housing flexibility, which is why theyre most likely to rent, said Bev Grieve, manager of planning for New Westminster, at the conference.
Theyre starting out in new jobs that might require them to move around, so home ownership isnt a priority yet.
As well, people today are far less likely to stay with the same company or even in the same profession throughout their working life, making them less interested in being tied to a mortgage.
Besides housing flexibility, the type of houses young professionals are looking for is different.
I dont need to be the owner of a single-family dwelling, said 26-year-old Jonathan Lai, who is looking to buy within the next two years. There are a lot of condos and new mini communities being developed, which I like. Its not the same as having a backyard, but it also has a more community feel.
Lai recently looked at the River Park Place complex, which attempts to create a sense of community through amenities such as a shared park for families.
When he was there, he was told that, although not the target market, most of the units have been sold to people under the age of 40, which could be reflective of a new way of thinking.
The reality is, in Vancouver and Richmond, these types of options are more affordable, Lai said. We dont need detached homes anymore.
Both social and economic factors have lead to people requiring less land.
Richmond city planners have noticed a similar trend among young adults like Lai living at home, which, in part, led to the legalization of secondary suites and granny flats in 2007.
The new bylaw provides an opportunity for children to live in these suites, according to city spokesperson Ted Townsend.
Another significant trend planners have taken note of is the fact young adults are less likely to have a drivers licence, let alone own a car.
It means that as an update of Richmonds Affordable Housing Strategy is prepared, it includes a study on this age group, incorporating a variety of housing types, as well as linking transit accessibility with housing.
Transit factors very much into developing housing units, said Terry Crowe, Richmond manager of policy planning.
With the Canada Line, weve been building high-density villages around the stations and we dont let developers put the normal amount of parking there.
Crowe said the purpose is to encourage people to use public transit. It is also cheaper for the developer, as it costs approximately $35,000 per stall.
Some of these savings are directed to bus passes or bike stalls, according to Crowe.
With fewer parking spaces, the overall cost per unit decreases as well.
The city hopes the increased ridership in public transit will encourage extra buses to be put on routes.
I know a lot of people where transportation plays a huge role in where they decide to live, said Lai, although he owns a car. If transit were better, Id take it as well.
For now, a proximity to the city centre and urban dwellings remains a priority for Lai and his peers.
For the other stories in this series, visit http://bit.ly/118PpnE, http://bit.ly/124yzcG, and http://bit.ly/1adtUmL.
