And they pack a big punch financially. According to
a report by CBC News, more than 50% of 25 to 35-year-old Canadians own a home,
compared to 36% of U.S. millennials. The research, from TD Economics, says that
Canadian millennials have less student debt, better jobs and higher incomes
than their U.S. peers. What do millennials want it comes to housing? The answer
is: Pretty much everything. And a U.S. innovation called an “Urby” may suit the
bill.
The Urby is a mixed-use residential development
that brings a little bit of city, a little bit of community and a little bit of
entertainment to a little apartment. Emphasizing “New Urbanist” principles such
as walkable neighbourhoods and access to public transportation, Urby
developments are designed for urban professionals.
Key to Urby projects such as the Urban Ready Life
(URL) complex in Staten Island, N.Y. is providing opportunities for social
interaction. URL common areas offer chances for interpersonal connections
between residents by including lobby coffee shops, communal kitchens and a
cultural director. Sounds ideal for this work-hard, play-hard generation, and
Canadian developers are watching the progress of projects such as Urbys, the
tiny house movement and co-op housing developments.
So far, however, they’re just watching: Notes Steve
Jackson, program manager for the Cooperative Housing Association of Canada: "It's
unfortunate that there are no major programs to develop new co-op housing … We
know that a lot of millennials do see co-op housing as a wonderful option.”
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