{"id":7301,"date":"2017-11-03T11:11:40","date_gmt":"2017-11-03T18:11:40","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7301"},"modified":"2017-10-25T16:35:45","modified_gmt":"2017-10-25T23:35:45","slug":"how-many-millennials-are-opting-for-condos-over-houses","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/11\/how-many-millennials-are-opting-for-condos-over-houses\/","title":{"rendered":"How Many Millennials Are Opting for Condos Over Houses"},"content":{"rendered":"<p style=\"text-align: justify;\">Young people in Canada aren\u2019t buying property the way they used to. Recently released data has found that Canadian Millennials are less likely to own property than previous generations.<\/p>\n<p style=\"text-align: justify;\">According to census data released today by Statistics Canada, 50.2% of 30-year-olds were homeowners in 2016, compared to 55.5% in 1981.<\/p>\n<p style=\"text-align: justify;\">And when they do buy, it\u2019s less likely to be that classic single detached home. Only 35% of 30-year-olds lived in single detached homes in 2016, compared to 44.4 per cent of their 1981 counterparts.<\/p>\n<p style=\"text-align: justify;\">But just because Millennials aren\u2019t buying houses doesn\u2019t mean they don\u2019t want to. According to Spring Realty founder Ara Mamourian, first-time buyers are being driven towards the condo market because it\u2019s all they can afford.<\/p>\n<p style=\"text-align: justify;\">\u201cI think these stats speak to affordability more than anything else,\u201d Mamourian tells BuzzBuzzNews. \u201cIf first-time buyers could buy a detached house they would, but they just can\u2019t afford it.\u201d<\/p>\n<p style=\"text-align: justify;\">The report also found that the number of condo dwellers was up across the board in 2016, with 13.3% or almost 1.9 million households living in condos.<\/p>\n<p style=\"text-align: justify;\">That reflects a shift in new construction homes. According to data from the Altus Group, in 2016, the supply of new-built low rise homes sat at 3,036, while the supply of new-built condos came in at 18,280. The number of planned multi-family dwellings first surpassed single-family dwellings in 2010, and the trend has only continued since.<\/p>\n<p style=\"text-align: justify;\">According to Zoocasa managing editor Penelope Graham, affordability issues have changed the picture of home ownership for Millennials.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re seeing a greater variance in the type of home people are able to afford these days,\u201d Graham tells BuzzBuzzNews. \u201cIn urban centres, condos are within the realm of affordability, so that\u2019s what people are interested in buying.\u201d<\/p>\n<p style=\"text-align: justify;\">While the rate of homeownership grew from 62.65 to 68.4% from 1991 to 2006, there has been relatively little change in the last decade, with a slight decline from 68.4% to 67.8% between 2006 and 2016.<\/p>\n<p style=\"text-align: justify;\">Graham attributes the lack of growth in ownership to a levelling off of wage growth. From 2001 to 2011, average hourly wages rose from 22 dollars-per-hour to 24 dollars-per-hour, while in the same decade, the average house price rose from $251,508 to $352,581.<\/p>\n<p style=\"text-align: justify;\">\u201cThere was a pretty steady increase in wage growth between 1996 and 2006, but that then just kind of levelled off,\u201d says Graham. \u201cWages have been well outstripped by home price appreciation, and as long as we see that trend continue we\u2019re going to see Millennials continue to look for lower-priced alternatives in the housing market.\u201d<\/p>\n<p style=\"text-align: justify;\">Mamourian says that in coming years, many Millennials will be looking to purchase two- to three-bedroom condo units, while still others will remain in the rental market. Statistics Canada echoed the sentiment in its report, writing, \u201cFuture trends will be affected by\u2026 whether younger generations rent or own a home.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cI do think we\u2019re going to see these trends continue,\u201d says Mamourian. \u201cIf a Millennial in this day and age has a regular job and is a good saver, there\u2019s very little chance they\u2019re going to be buying a house. They\u2019re buying a condo, or they\u2019re not buying anything.\u201d<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/10\/many-millennials-opting-condos-houses-census.html\" target=\"_blank\" rel=\"noopener\">Census : How Many Millennials Are Opting for Condos Over Houses<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Young people in Canada aren\u2019t buying property the way they used to. Recently released data has found that Canadian Millennials are less likely to own property than previous generations. According &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/11\/how-many-millennials-are-opting-for-condos-over-houses\/\">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-7301","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>How Many Millennials Are Opting for Condos Over Houses &#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\/2017\/11\/how-many-millennials-are-opting-for-condos-over-houses\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How Many Millennials Are Opting for Condos Over Houses &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Young people in Canada aren\u2019t buying property the way they used to. Recently released data has found that Canadian Millennials are less likely to own property than previous generations. 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