Calgary’s millennials own more real estate than their generational counterparts elsewhere in Canada. However, new mortgage rules could make it harder for this demographic cohort to enter the property market, according to a new survey conducted by Royal LePage.
Lisa Mundell, an East Village real estate broker, says her millennial clients are diverse when it comes to what drives them to achieve homeownership.
“They don’t want to waste their money renting,” Mundell told the Calgary Eyeopener. “They’re living at home a little bit longer — so were seeing our first buyers are sort of [in] that 23, 25 [year-old range].”
On the other hand, Mundell is also seeing people in their 30s who want to travel more and not be tied down to a mortgage.
Part of what drove Calgary to the top of the Royal LePage survey is the affordability of the downtown housing stock, particularly when compared to the exorbitant cost of owning real estate in cities like Vancouver and Toronto.
"Here they're in [the] oil industry and tech, and they're all downtown, so it's affordable [housing wise] downtown — whereas in Vancouver or Toronto. you're paying $1,200 a square foot," said Mundell. "Calgary condos in the East Village are going for about half that."