Contact 905-902-2284

Millennial home buying trends

Posted 3 years ago

According to a recent survey by Realtor.com, potential homebuyers in the 25-34 year-old range are feeling positive about the prospect of leaping into home ownership in 2015.
Some 12,000 “millennials” – those born between 1980 and 1999 – took part in the survey between January 1, 2015 and June 15, 2015. Findings indicated that strong sales would be seen in the latter half of the year with more first-time buyer sales. As one of the largest demographics of homebuyers, first-time buyers (who often fall in the millennial age range) have a large impact on the real estate market.

Since the beginning of the year, Realtor.com observed a slight increase in older millennials – those between the ages of 25 and 34 years old – visiting its website and mobile applications with the goal of buying a home. By mid-June, the site observed that those looking for property to rent decreased to 20 percent, from 26 percent in January.
Another revealing metric is the number of millennials who intend to buy a home within the next three months. In mid-June, 65 percent of 25-34 year olds responding to the survey indicated that they intend to buy a home within three months, up from 54 percent in January.

Here in Canada, low interest rates have served as a stepping stone for older millennials looking to purchase their first home. But not without a helping hand. BMO’s 2015 Home Buying Report found that 42 percent of first-time buyers are relying on financial assistance from Mom and Dad to help pay for their first home.

In addition, many first-time buyers are opting for condominiums in order to keep costs down. In major urban centres across the country, so-called “micro condos’ are popping up, offering prices as low as $100,000 for a cozy 350 square-feet of living space.

 

Courtesy of Resource Multimedia
Posted in September 2015 |

A good home insurance policy is vital

A cursory overview of your home insurance policy is enough to cause your eyes to glaze over, but it is an important document to understand. Although it won’t win any rave reviews or Pulitzer Prizes, it’s imperative to read the fine print and ask questions about details you don’t understand. Considering that your home is… Read More…

TREB reports record home sales in 2015

Toronto area house hunters didn’t let the busy holiday season stand in the way of their new home purchase. The second best sales result on record for December capped off a record year for TREB MLS home sales in the GTA. The Toronto Real Estate Board reported 4,945 sales in December, bringing the 2015 calendar… Read More…

Fifth straight month for record sales in Hamilton-Burlington

Christmas shopping and holiday parties didn’t slow down house hunters in the Hamilton-Burlington area last month. The Realtors Association of Hamilton-Burlington (RAHB) reported 802 sales processed through MLS in December of 2015. Sales were 1.3 per cent higher than the same month the previous year, 17.6 per cent higher than the 10-year average, and were… Read More…

Leave a Reply

Service en fran├žais disponible