With the first wave of millennials reaching their home-buying years, where they decide to settle down will have a major impact on the real estate market. Driving competition for starter condos and single family homes, millennials have also had a huge impact on rentals in the GTA due to their willingness to pay an average of $1,800 a month for condos close to work.
Location and convenience is key for this emerging market, and has led to developers gearing new projects to include more rental units, as many millennials prefer the flexibility of renting compared to buying. According to Toronto developer Mazyar Mortazavi, millennials’ view of “home has more to do with being part of a complete community than it did in their parents’ generation, when it was about having a backyard, a picket fence and a two-car garage.”
Townhomes and semi-detached homes have also become increasingly popular with young buyers, largely due to the price of a detached home in the GTA averaging more than $1 million. The appeal of investing early in these types of developments in up-and-coming neighbourhoods such as Lower JCT. is strong, as it would allow millennials the location they desire at a more manageable price point.
Others are content with condo living even when considering starting a family down the road, which makes developments like Garrison Point that offer family friendly units and child-friendly amenities more appealing. With prices expected to remain steady, some young buyers are looking outside the GTA for their first homes, with more affordable options available in Ajax, Hamilton and beyond.
Read the full Toronto Star article here.
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