Millennials buying homes are snubbing condos for a surprising alternative
Millennials buying homes are snubbing condos in favour of an unexpected alternative, according to a recent study conducted by the Ontario Real Estate Association.
The study found that 83 per cent of Ontario millennials are searching for detached, semi-detached, or town homes.
Detached homes are the most popular choice, with more than half of first-time home buyers looking for one.
The results are somewhat surprising, considering that one-third of Ontario millennials are also looking to live in urban areas like Toronto and Ottawa — a dream that will cost them some serious cash.
With the average price of a Toronto detached home costing just shy of a million dollars, millennials will have to give up a lot more than avocado toast to be able to afford it.
The average price of a Toronto home is now just shy of $1 million https://t.co/FHWx27nlzw #Toronto #RealEstate pic.twitter.com/dShmmXHUOu— blogTO (@blogTO) March 4, 2020
OREA President Sean Morrison said, "In order to keep the dream of home ownership alive for future generations, we need to make it easier for young families and first-time buyers to own a home."
He suggests introducing more townhouses, stacked flats or mid-rise buildings in downtown areas.
With Canadian millennials choosing Ottawa as the most desirable city to live in, it seems that the city would do well to start building more affordable, detached homes soon.
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