According to research conducted by the Ontario Real Estate Association (OREA), young Ontarians are focused on becoming homeowners in the next two years.
The number of Generation Y (millennials) who are likely to buy a home in the next 2 years has reportedly increased to 24 percent this year (2016) compared to 16 percent in 2015. This year, 18 percent of the slightly older Generation Xers expect to buy in that same time period, compared to 12 percent in 2015.
The intended property type of the majority of the Gen X buyers at 63 percent and Gen Y at 51 percent – are detached homes. Apartments or condos are the intended purchase of 28 percent of Gen Y and 17 percent of Gen X, according to OREA’s research.
Ray Ferris, president of the Ontario Real Estate Association, commented: “Based on their intentions to buy, and the kind of real estate they’re looking at, it is evident that ‘stage-of-life’ is a motivating factor for Gen Y.” He added, “Also, given the strength of real estate markets lately, it is understandable that a growing number of millennials would like to own a (detached) home and why so many [81 per cent] believe real estate is a good investment.”
If you are Gen X or Gen Y, tell me what you think. I’m listening.
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg