{"id":8707,"date":"2018-04-04T10:10:11","date_gmt":"2018-04-04T17:10:11","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8707"},"modified":"2018-04-02T09:50:24","modified_gmt":"2018-04-02T16:50:24","slug":"millennials-the-economy-continue-to-push-prices-upward","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/04\/millennials-the-economy-continue-to-push-prices-upward\/","title":{"rendered":"Millennials &#038; the Economy Continue to Push Prices Upward"},"content":{"rendered":"<p style=\"text-align: justify;\">A recent report from BMO Economics pointed at continuous residential property price growth in Canada\u2019s top markets \u2013 a development driven by millennials snapping up homes left and right amid the burgeoning economy.<\/p>\n<p style=\"text-align: justify;\">In the \u201cBMO Spring Housing Affordability Report\u201d, experts also pointed at continued high levels of home building and only a moderate deceleration in sales as contributing factors to the trend of price growth.<\/p>\n<p style=\"text-align: justify;\">\u201cMillennial buyers and international migrants are cushioning the decline in detached home prices in the hottest markets,\u201d BMO Capital Markets senior economist Sal Guatieri stated.<\/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. These regions are also supported by strong economies, good demographics, and an abundance of high tech\/high salary jobs,\u201d according to the BMO report.<\/p>\n<p style=\"text-align: justify;\">Read more: Millennials\u2019 most desired aspects of a luxury home<\/p>\n<p style=\"text-align: justify;\">\u201cWe expect millennials to also bolster other markets like Montreal and Ottawa, as those looking for better affordability consider options beyond Toronto and Vancouver,\u201d Guatieri added.<\/p>\n<p style=\"text-align: justify;\">Other factors affecting the market on a national scale are unemployment rates being among the lowest on record, coupled with the highest population growth seen in a quarter century.<\/p>\n<p style=\"text-align: justify;\">Interest rates, while still historically low, might experience more hikes in 2018, the report cautioned.<\/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 Guatieri said. \u201cEven these moderate increases will start to erode affordability for markets that haven&#8217;t been much affected by tougher mortgage rules and other cooling measures.\u201d<\/p>\n<p><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/millennials-and-the-economy-continue-to-push-prices-upward--report-240027.aspx\" target=\"_blank\" rel=\"noopener\">Millennials &amp; the Economy Continue to Push Prices Upward<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent report from BMO Economics pointed at continuous residential property price growth in Canada\u2019s top markets \u2013 a development driven by millennials snapping up homes left and right amid &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/04\/millennials-the-economy-continue-to-push-prices-upward\/\">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":[8],"tags":[],"class_list":["post-8707","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Millennials &amp; the Economy Continue to Push Prices Upward &#8226; 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