Gen-Y is a massive cohort that is overwhelming interested in breaking into the real estate market – but will affordably challenges and impactful mortgage rules allow them to?
“Facing challenges their baby-boomer parents never encountered, peak millennials are confronted with significant obstacles that vary depending on where they live,” Phil Soper, president and CEO, Royal LePage, said. “While finding employment in our largest urban markets, Toronto and Vancouver, is relatively easy compared to other areas of Canada, buyers face limited inventory and high home values in these regions. Where prices are more affordable, job markets can be more uncertain.
“The pent up demand for housing from millennials is enormous, with only a third of this large demographic currently owning a property and an overwhelming majority desiring to be homeowners.”