Millennials keen to become home buyers in Ontario

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 place.)

“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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