{"id":8640,"date":"2018-03-30T15:15:22","date_gmt":"2018-03-30T22:15:22","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8640"},"modified":"2018-03-26T11:41:51","modified_gmt":"2018-03-26T18:41:51","slug":"millennial-homebuyers-will-be-pushing-prices-higher","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/03\/millennial-homebuyers-will-be-pushing-prices-higher\/","title":{"rendered":"Millennial Homebuyers Will Be Pushing Prices Higher"},"content":{"rendered":"<p style=\"text-align: justify;\">Ahead of the seasonal buying rush, BMO has released its annual spring housing affordability report. One factor the bank believes will be pushing prices higher in the next few months? Millennial homebuyers.<\/p>\n<p style=\"text-align: justify;\">\u201cThe perennially hot markets of Toronto and Vancouver are largely driven by the impact of millennial home buyers creating price increases in the condo and townhouse markets,\u201d reads the report.<\/p>\n<p style=\"text-align: justify;\">And according to BMO senior economist Sal Guatieri, Toronto and Vancouver aren\u2019t the only markets that could see price jumps as a result of Millennial demand.<\/p>\n<p style=\"text-align: justify;\">\u201cWe expect millennials to bolster other markets like Montreal and Ottawa, as those looking for better affordability consider options beyond Toronto and Vancouver,\u201d he writes in the report.<\/p>\n<p style=\"text-align: justify;\">The good news for Millennial buyers is that the Canadian housing market is much more affordable than it was this time last year. National home prices dropped in January and February, as the market continued to adjust to a new mortgage stress test.<\/p>\n<p style=\"text-align: justify;\">However, rising interest rates could put a strain on affordability for many home buyers. The Bank of Canada raised the overnight rate to 1.25% in January, and another hike is expected later this year.<\/p>\n<p style=\"text-align: justify;\">\u201cIt is likely we will see interest rates go up another 50 basis points this calendar year,\u201d writes Guatieri. \u201cEven these moderate increases start to erode affordability for markets that haven\u2019t been much affected by tougher mortgage rules and other cooling measures.\u201d<\/p>\n<p style=\"text-align: justify;\">Other factors driving prices up, and affordability down? Guatieri cites record low unemployment, and rapid population growth as two major contributors.<\/p>\n<p style=\"text-align: justify;\">Overall, the picture appears bright for homebuyers looking to make a purchase this spring.<\/p>\n<p style=\"text-align: justify;\">\u201cThis year will mark similar, though not as extreme, activity for the housing market,\u201d reads the report. \u201cThere will be slower home price growth compared to last year, and a moderate decline in the level of home sales.\u201d<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/03\/whats-driving-prices-upwards-canadas-hottest-housing-market-according-new-report-millennials-blame.html\" target=\"_blank\" rel=\"noopener\">What\u2019s Driving Prices Upwards in Canada\u2019s Hottest Housing Market? According A New Report, Millennials Are to Blame<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ahead of the seasonal buying rush, BMO has released its annual spring housing affordability report. One factor the bank believes will be pushing prices higher in the next few months? &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/millennial-homebuyers-will-be-pushing-prices-higher\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-8640","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Millennial Homebuyers Will Be Pushing Prices Higher &#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=\"http:\/\/www.roryc.ca\/blog\/2018\/03\/millennial-homebuyers-will-be-pushing-prices-higher\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Millennial Homebuyers Will Be Pushing Prices Higher &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Ahead of the seasonal buying rush, BMO has released its annual spring housing affordability report. 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