You already know that Millennials are a force in the housing market. Moreover, this generation, numbering over seven million, represents Canada's fastest-growing population, according to 2021 Census numbers.
That said, the cost of living and rising interest rates have caused many Millennials to feel discouraged about achieving homeownership. They're among the nearly half of Canadians who have put their home buying plans on ice for a bit, says a ScotiaBank poll.
That pause is a chance for you to make your home appealing to this wave of buyers when they return to the market.
Research suggests it's a good move to incorporate green features to attract them.
After all, many green home features directly impact the environment, something that's a priority for Canadians between the ages of 15 and 30, according to Portrait of Youth in Canada.
It found that this generation focuses on environmental concerns and acts on that commitment by volunteering for and donating to environmental causes, modifying their habits at home, living in walkable neighborhoods, and choosing sustainable transportation – walking, biking, and public transit.
In addition, a Green Builder Media story, “Millennials: The Driving Force in Housing,” describes Millennials as bullish about buying homes. It also found that they prioritize health, and 96 percent believe sustainability is important when making purchasing decisions.
It's important to know that Millennials' expectations for their homes differ from those of other generations. For example, net-zero all-electrichomes, Quartz surfaces, induction cooktops, indoor air quality, and water conservation are all priorities.
Plus, 77% percent of Millennials say they're willing to pay more for environmentally sustainable products, and 79% are concerned about the environmental impact of products they buy, found Green Builder.
Among the significant home upgrades members of the generation say it's worth paying for include:
A heat pump HVAC system
A solar photovoltaic system with battery storage
An integrated smart home system
Still, some features on their wish lists – smart thermostats, LED lighting, non-toxic paint, energy-efficient appliances, and security cameras – aren't difficult or expensive to incorporate into your home.
Research by Fannie Mae found that if the costs could be included in their mortgage loan, more than half (51%) of those aged 18 to 34 would be interested in improving home energy efficiency, and 48% of homeowners in that age group would be interested in installing solar panels.
Plus, says Fannie Mae, homeowners are increasingly concerned about unexpected home improvement costs. As a result, you may gain a competitive edge by removing some of the repairs from future buyers' to-do lists.
In addition to making your home more marketable, another upside to green upgrades is the enjoyment you'll get while living in your home. For example, you may find lower utility bills, greater comfort, and a healthier indoor environment.
If you have questions about how you can make your home stand out in today’s market, fill out this CONTACT FORM—I’d love to chat with you!