This month I keep coming across articles about Generation Y real estate trends. Generation Y typically encompasses those born in the early ‘80s to the late ‘90s/early 2000s. Sure, this is an obvious hot topic since this generation is starting out on the home ownership path and understanding this cohort is good for business. However, as someone on the cusp of Gen X and Y myself, I find it especially interesting to read about what other people have proclaimed I would be looking for in a home.

And, I have to admit, they are right on many counts.

The first article, “Generation Y values amenities over square footage” from HousingWire takes a look at the American real estate market but their points still ring true for those of us north of the border, especially, “Greater square-footage now gives way to easy transit for this generation.”

We’ve seen this in many of the transactions we’ve done. A smaller condo where the buyer would be able to take the TTC and not have to worry about parking wins out again and again over 100-200sqft more in a less accessible part of the city when looking at the same price point.

Then the Globe and Mail published an article on the BC market: “Rise of the incredible shrinking home” talking further about the trend towards smaller units that are more affordable for younger buyers. The move towards more “utilitarian” spaces was underlined as buyers are moving away from the idea of a condo for “space and status.” There’s a lot of concern raised about how an increase of one and two bedroom units will affect community, the very thing that Gen Y’s are looking for and giving up space to find.

The answer to those fears of lost community was in today’s Globe and Mail, as part of their series on being single, “How single women – and what they want – are shaping the new housing market”. Sure it had a female focus but it addressed the trends of Gen Y as well as the rise of more 1 and 2 bedroom units on the market. Developers as well as city planners are, at least as this article suggests, tuned in to the changing housing and living norms. Storage that is actually in the unit, life at street level and a sense of security are in many of our buyer’s list of top 5 things they are looking for. In fact, they are regularly the top 3.

So, why the change? Many of us grew up in a house with a yard and a guest bedroom. The suburbs boomed. Getting your drivers license was still a right of passage, especially if you grew up outside of Toronto. Now, people are moving back into the urban centers, seeking out transit and ditching their cars. Delaying (or eschewing entirely) starting a family, we see our buyers want better access to their social networks (the face-to-face kind, not facebook!).

And the size of their new home? Does it fit a king sized bed? Probably not but it is walking distance to groceries, restaurants and entertainment. Are we being rebellious against the ways of our parents? We aren’t teenagers anymore, but one of the negative traits of Gen Y is a sense of entitlement… I know I heard I was acting that way when I was being a rebellious teen… I admit it.

My suspicion is, as I look at my peers around me, those with kids and those without, single or partnered up, that we have adapted to a very fast-paced life thanks to the internet and smart phones we can’t seem to live without. To me there is an obvious co-relation between our reliance on instant answers and information and the accessibility of where we choose to live. We can connect with a friend electronically in seconds, even see their face on our screens. Why, when that is so easy, would we want to get in a car and drive for our face-to-face interactions?

For decades planners, philosophers and urban theorists have cried out against urban sprawl and what it has done to the neighbourhoods and the life of cities. Their cries have been heard. We want to be able to walk down the street and say hello to our neighbours, check in with our favourite barista and not feel totally awkward if we sit at our local bar alone for a drink after work.

We grew up with Mr. Rogers teaching us to be interested in and care about our neighbours. It must have worked. Another trait of Gen Y is that we are civic-minded. That one I don’t mind at all.