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Millennial Home Buying Trends
About one-quarter of Canada’s population are millennials; those born between the early 1980s to the early 2000s. With most of them finished or on the verge of finishing school, many are now taking a more active interest in home ownership. Already we are seeing trends in the way millennials are purchasing real estate and the location they are choosing. These young Canadians are paying close attention to the market and areas where they see growth in employment and affordable real estate. The majority of millennials are looking to purchase a home in the very near future, also taking in the investment opportunity that comes with purchasing real estate.
Purchasing
Today more millennials are expressing their confidence in purchasing a home, with the buying intentions increased by the economy, job security, and their parents. Young Canadians are saving and planning their finances for their future, especially for home buying. Millennials are watching the housing market closely with interest rates rising and the price of homes going up and down. Along with student debt on their backs, millennials are showing an interest in home buying as a top financial concern, with just over a quarter of them putting money toward this goal and saving for a down payment. On top of saving, many millennials are looking to their parents for some assistance in home buying. Most of their parents at the perfect age to start downsizing and give their kids a step up on the property ladder.
Location
Millennials are all about modernization and convenience; they are migrating to cities that are adapting to a new more modern way of living. When looking for real estate millennials are showing a trend in looking for multi-purpose rooms and unique interior designs such as ceilings. Millennials are looking at large urban centers such as Toronto and Vancouver (expected to expand into Ottawa and Montreal), for condos as they are more affordable and in their budget. These cities offer a large social atmosphere and an expanding work on public transit to make it easier to get around. In the larger cities, they also look at where job growth is happening and become more pulled to looking at real estate in these areas. If you’re looking for more information, on these large urban cities be sure to check out our City Guides page.