{"id":2994,"date":"2016-08-12T15:15:27","date_gmt":"2016-08-12T22:15:27","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2994"},"modified":"2016-08-08T09:10:35","modified_gmt":"2016-08-08T16:10:35","slug":"options-for-millennials-seeking-their-own-detached-homes","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/08\/options-for-millennials-seeking-their-own-detached-homes\/","title":{"rendered":"Options for Millennials Seeking Their Own Detached Homes"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian members of Generation Y still have multiple options for their desired homes despite benchmark prices for detached properties (as of July) sitting at around $1.2 million in Toronto and at nearly $1.6 million in Vancouver, analysts stated.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s obviously stage of life, as needs change, your requirement for a home changes,\u201d Ontario Real Estate Association (OREA) director of marketing communications Fahed Malik told the Financial Post. \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;\">A recent survey by the OREA found that approximately 51% of millennials are intending to buy a detached property within the next two years. Meanwhile, 28% said that they would go for condo units, and 18% expressed a preference for semi-detached homes.<\/p>\n<p style=\"text-align: justify;\">However, observers said that while getting a detached home is still possible, doing so would mean giving up the advantages afforded by other home types\u2014in particular, proximity to work for those employed deeper within the city.<\/p>\n<p style=\"text-align: justify;\">\u201cLiving near the city\u2019s downtown means downsizing your expectations,\u201d the Financial Post\u2019s Garry Marr wrote in his analysis.<\/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 Re\/Max Western Canada regional executive Elton Ash said. \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;\">In Vancouver, an attached home like a townhouse unit or a row house is currently going for an average of $669,000, which might represent a more realistic option for millennials who do not want to contend with long distances to and from work.<\/p>\n<p style=\"text-align: justify;\">Another especially important point, according to Environics Analytics demographer Doug Norris, is that most of the supply in the detached market is cornered by baby boomers.<\/p>\n<p style=\"text-align: justify;\">\u201cThey\u2019re not moving until [age] 75 or so,\u201d Norris said.<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/options-for-millennials-seeking-their-own-detached-homes-211741.aspx\" target=\"_blank\">Options for Millennials Seeking Their Own Detached Homes<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian members of Generation Y still have multiple options for their desired homes despite benchmark prices for detached properties (as of July) sitting at around $1.2 million in Toronto and &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/08\/options-for-millennials-seeking-their-own-detached-homes\/\">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-2994","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>Options for Millennials Seeking Their Own Detached Homes &#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\/options-for-millennials-seeking-their-own-detached-homes\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Options for Millennials Seeking Their Own Detached Homes &#8226; 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