{"id":2936,"date":"2016-08-05T11:11:18","date_gmt":"2016-08-05T18:11:18","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2936"},"modified":"2016-08-04T14:36:42","modified_gmt":"2016-08-04T21:36:42","slug":"millennials-not-giving-up-on-the-detached-home-dream-despite-soaring-record-high-prices","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/08\/millennials-not-giving-up-on-the-detached-home-dream-despite-soaring-record-high-prices\/","title":{"rendered":"Millennials Not Giving Up on the Detached-Home Dream, Despite Soaring Record-High Prices"},"content":{"rendered":"<p style=\"text-align: justify;\">Millennial are not giving up on the dream of owning a detached home, despite national prices soaring to record levels, buoyed by average prices that routinely reach seven figures in hot markets.<\/p>\n<p style=\"text-align: justify;\">Even in the face of what the Toronto Real Estate Board says is a \u201ctroubling trend\u201d in its market, Generation Y will not be deterred from their dream home, with 51% of the cohort planning to purchase a detached home in the next two years, according to a survey by the Ontario Real Estate Association.<\/p>\n<p style=\"text-align: justify;\">But planning and purchasing must be two different things, because the barriers to entry to the detached home market in Ontario have never been greater, at least in the city of Toronto where the average detached home sold for just over $1.2 million in July, according to the Toronto Real Estate Board.<\/p>\n<p style=\"text-align: justify;\">Even accounting for the larger geographic region of the Greater Toronto Area \u2014 meaning,\u00a0 a trip to suburbia \u2014 the average existing detached home sold for an average of $952,983 in July, according to the TREB numbers, released Thursday.<\/p>\n<p style=\"text-align: justify;\">The real estate industry says provincial regulations encouraging density and choking off developable land has created the imbalance between supply and demand in the low-rise market, including detached homes.<\/p>\n<p style=\"text-align: justify;\">\u201cHousing policy is now top of mind for all levels of government. Policy makers need to be focusing on solutions to the sustained lack of low-rise inventory throughout the GTA,\u201d said Larry Cerqua, president of TREB, in a statement. He refused a request for an interview.<\/p>\n<p style=\"text-align: justify;\">Given the state of the market, what exactly makes this generation \u2014 defined in the OREA study as the group born between 1981 and 1992 \u2014 think they will actually be able to afford anything but a condo, let alone a detached home?<\/p>\n<p style=\"text-align: justify;\">\u201cI think what we are seeing in the research, there are a few factors. It\u2019s obviously stage of life, as needs change, your requirement for a home changes,\u201d said Fahed Malik, the director of marketing communications at OREA. \u201cThere is a need for a larger home and a detached home can give you that practicality.\u201d<\/p>\n<p style=\"text-align: justify;\">Part of what also drives them is this idea that real estate will always be a good investment. The survey, which was conducted online by Ipsos between May 31 and June 2, 2016 and is considered accurate to within 3.5 percentage points 95 per cent of the time, finds 77% of Generation Y thinks real estate is a good investment. A year ago only 70% felt so.<\/p>\n<p style=\"text-align: justify;\">The desire to have the dog, the garage and 2.4 kids is strong no matter what generation you are talking about.<\/p>\n<p style=\"text-align: justify;\">Why wouldn\u2019t they think real estate always pays off \u2014 property prices have had only one real dip in the GTA over the past 20 years, which is most of their adult lifetime. Even the Great Recession barely impacted prices between 2008-2009.<\/p>\n<p style=\"text-align: justify;\">Ontario millennials are hardly alone in their\u00a0 desire for a large, detached home. The demand is just as strong in British Columbia, which has seen the benchmark price for detached homes climb to almost $1.6 million in its largest city.<\/p>\n<p style=\"text-align: justify;\">The provincial government in Victoria won\u2019t let the dream die easily, and last month announced a 15% tax on foreign purchasers in Vancouver in an effort to control prices in a market where the supply of detached housing is finite. Prices are destined to go higher in a market where supply is outstripped by demand, even if you do more to limit that demand.<\/p>\n<p style=\"text-align: justify;\">There are options for that detached home, but they ultimately mean sacrificing something along the way. Elton Ash, regional executive of Re\/Max of Western Canada, says that means a resurgence of interest in suburbia.<\/p>\n<p style=\"text-align: justify;\">\u201cThe desire to have the dog, the garage and 2.4 kids is strong no matter what generation you are talking about,\u201d he said, pointing out that detached home affordability question is not a pan Canadian issue. \u201cI just did a road trip in Manitoba and visited a community 35 kilometres north of Winnipeg and the lot cost was $45,000. But it\u2019s the same result as you move out of city cores, prices to get cheaper and that\u2019s why bedroom communities are getting more popular.\u201d<\/p>\n<p style=\"text-align: justify;\">Living near the city\u2019s downtown means downsizing your expectations. The OREA study didn\u2019t ask people specifically where they would be willing to live to afford a detached home, but it\u2019s now realistic for a person working in Toronto to live more than 100 kilometres away from her job.<\/p>\n<p style=\"text-align: justify;\">The prices continue to drive that message home. Results from the Real Estate Board of Great Vancouver for July do show detached homes are pretty much unattainable for local residents, but the average attached home, which could include a rowhouse or townhouse, sold for $669,000 last month. That\u2019s clearly more attainable goal.<\/p>\n<p style=\"text-align: justify;\">Doug Norris, a demographer with Environics Analytics, said baby boomers are not retiring anytime soon, so the supply of ground level housing is likely not picking up. \u201cThey\u2019re not moving until (age) 75 or so,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">He says demographics drive demand for single family homes, but the reality of the economics is that means some level of compromise.<\/p>\n<p style=\"text-align: justify;\">That same study from OREA found the second choice of generation Y buyers, after detached homes, was condo apartments at 28%, followed by semi-detached at 18 per cent and row houses at 13%.<\/p>\n<p style=\"text-align: justify;\">Detached homes may be the first choice of that generation, but the reality of the marketplace means the percentages of those other options are going to rise \u2014 at least in Toronto and Vancouver.<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/millennials-not-giving-up-on-the-detached-home-dream\" target=\"_blank\">Millennials Not Giving Up on the Detached-Home Dream, Despite Soaring Record-High Prices<\/a> by Garry Marr | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Millennial are not giving up on the dream of owning a detached home, despite national prices soaring to record levels, buoyed by average prices that routinely reach seven figures in &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/08\/millennials-not-giving-up-on-the-detached-home-dream-despite-soaring-record-high-prices\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-2936","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Millennials Not Giving Up on the Detached-Home Dream, Despite Soaring Record-High Prices &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/08\/millennials-not-giving-up-on-the-detached-home-dream-despite-soaring-record-high-prices\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Millennials Not Giving Up on the Detached-Home Dream, Despite Soaring Record-High Prices &#8226; 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