Young people in Ontario are intent on becoming homeowners in the next two years, new research from the Ontario Real Estate Association shows.
The level of Generation Y (or millennials) who are likely to buy a home in the next two years has increased to 24 per cent in 2016 compared to 16 per cent a year ago. Among the slightly older Generation X, 18 per cent are expecting to buy, up 6 points from last year.
Detached homes are intended property type of the majority of both younger generations; 51 per cent of Y and 63 per cent of X. Condos/apartments are the intended purchase of 28 per cent of Gen Y (their 2nd
choice) and 17 per cent of Gen X (who place semi-detached homes in 2nd
“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,” says Ray Ferris, president of OREA. “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.”
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