{"id":523,"date":"2016-01-07T09:07:54","date_gmt":"2016-01-07T17:07:54","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=523"},"modified":"2016-01-07T09:08:04","modified_gmt":"2016-01-07T17:08:04","slug":"millennials-a-force-to-be-reckoned-with-in-real-estate-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/01\/millennials-a-force-to-be-reckoned-with-in-real-estate-market\/","title":{"rendered":"Millennials a Force to Be Reckoned with in Real Estate Market"},"content":{"rendered":"<p style=\"text-align: justify;\">With millennials comprising about 25% of Canada\u2019s population, this segment is poised to outstrip their baby boomer parents in the real estate market as they start moving into their family-rearing years and purchase homes.<\/p>\n<p style=\"text-align: justify;\">A large part of this population lives in major job growth hubs like Toronto and Vancouver, driving sales of single-family homes and starter condos in these areas. Experts said that affordability plays a central role in millennials\u2019 purchasing decisions, even as the sector is willing to pay an average of $1,800 per month to rent condos close to their workplaces. This is because the average resale price of a Toronto condo is now approaching half a million dollars.<\/p>\n<p style=\"text-align: justify;\">The demographic shift has forced developers to focus on the development of rental structures, with the expectation that a significant proportion of millennials would prefer to rent for life.<\/p>\n<p style=\"text-align: justify;\">These projections line up with expert observations that millennials are more attracted to a job and a lifestyle, as opposed to owning cars or homes.<\/p>\n<p style=\"text-align: justify;\">\u201cMany of them, especially in the United States, have become skeptical of this notion of a house as an investment,\u201d York University director of real estate and infrastructure program James McKellar told the Toronto Star.<\/p>\n<p style=\"text-align: justify;\">\u201cMillennials and the subset before them, the late 30-somethings, are probably the first generation of people who are living their early adult life in urban centres. For them, home has more to do with being part of a complete community than it did in their parents\u2019 generation, when it was about having a backyard, a picket fence and a two-car garage,\u201d Tas DesignBuild president and CEO Mazyar Mortazavi agreed.<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/millennials-a-force-to-be-reckoned-with-in-real-estate-market-201349.aspx\" target=\"_blank\">Millennials a Force to Be Reckoned with in Real Estate Market<\/a> by Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With millennials comprising about 25% of Canada\u2019s population, this segment is poised to outstrip their baby boomer parents in the real estate market as they start moving into their family-rearing &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/01\/millennials-a-force-to-be-reckoned-with-in-real-estate-market\/\">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-523","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Millennials a Force to Be Reckoned with in Real Estate Market &#8226; 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