Millennials’ Baby Boomer parents were the largest group of home buyers in history, but now the Millennials are set to surpass them.
This group makes up about ¼ of the Canadian population and are between the ages of 15 and 35 and so are ready to move into their prime home-buying years. A great deal of Millennials live in Vancouver and Toronto. Why? Because these cities have become the job magnets. Many of the jobs offered today are contract jobs…however the Millennials who have been lucky enough to snag decent jobs (not just contract work) have begun to purchase condos and single-family homes.
But there are still many Millennials who are renters. And, thus far, they have had a large impact on the rental market, particularly in the GTA. Why? They are willing to pay high prices (on average about $1800 per month for a (preferably) new-build glass and concrete condo that’s just a short walk away from their workplace and all the amenities they crave. Millennials are less interested in owning a single-family home with a backyard, white picket fence and a 2-car garage like their Baby Boomer parents, they are more interested in being part of a complete community. They are looking to purchase a condo that can provide them with lifestyle but where they can still be in the centre of everything.
There are somewhere around 1.5 million millennials living here in the GTA. And they will keep on sending new shock waves through the housing market just as their parents did before them.
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