Millennials want to be free
If the classic American dream that once was a white picket fence, a Ford car and a mortgage-free house, millennials are taking up new dreams. In fact, the number of homeowners among 18-34 year olds is at a 30 year low. More and more millennials are choosing not to cough up their life savings and get married to a mortgage. Instead, they are looking at renting property with newfound excitement.
Though Toronto has an active market, the reason isn't necessarily financial for Canadian millennials. A study by BMO in Toronto even found that 2/3's of millennials expect to be able to afford a home.
Some first-time property buyer' millennials are looking at buying condos rather than houses. RBC Bank insists that millennials are well intent on buying property, and that interest hasn't slowed down.
It's surprising to note that the demand for Toronto's real estate market hasn't gone down. Homeowners are buying properties further north, east and west of the city that keeps growing with new families and an annual wave of immigrants.
We're looking forward to see what Toronto will look like in 5 years if it keeps growing at this rate!