In its latest study, real estate portal Point2 Homes found that quality employment and housing affordability are two of the most important factors that push Canadian millennials toward certain metropolitan markets.
The report added, however, that “this upbeat generation obsessed with life-work balance is looking for more than just a well-paying job and a nice house. They want engaging leisure activities, opportunities to socialize with other like-minded millennials, eco-friendly resources, and a safe but exciting city where they can thrive.”
The Point2 Homes analysis found that 7 of the top 10 best cities for millennials have less than 500,000 people living in them.
Quebec City stood as the most appealing Canadian city for millennials, taking into account its unemployment rate (the 3rd lowest in the country) and its healthcare index (the 8th best nationwide), along with affordable housing, above average wages, and low incidence rate of crime.
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Langley Township, BC ranked as the least tempting place for millennials. This is because despite the locale not having any problems when it comes to employment, “it also has a high crime rate and a low percentage of millennials living here. And although a home in Langley sells for less than half the average price of a Vancouver property, its housing market is still severely unaffordable, which puts the township at the bottom of the list.”
Surprisingly, the country’s largest cities – Toronto, Montreal, Vancouver, Ottawa, and Calgary – did not make it even to the top 5 most desirable housing destinations for members of Generation Y.
The full study can be viewed here.
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Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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