By: Patrice Gale

Despite sky-high property prices, millennials still driven to own homes.

Tags: Despite sky-high property prices, millennials still driven to own homes.

Most 18-25 year olds see themselves owning a home in the next five years, according to Leger survey and it is no surprise. Most baby boomers were owner by then and the utopic idea of accomplishment usually match with owning properties.
In Ontario, 72 per cent of the respondents said they believed the homes in their region are not affordable. However, nearly three-quarters of those surveyed across the country see home ownership as a good investment. 

 
While the high prices are discouraging for some, many people between 25 and 30 are still motivated to own a property because they're feeling that if they don't get into the market right now they might miss the boat on a lucrative investment. But, owning hides many fees that millennials aren’t fully aware of or if they are aware they simply don’t want to let those fees affect the dream of ownership.
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But increasingly stringent mortgage stress tests and the high cost of real estate are making that more difficult.   "Millennials in Toronto are increasingly looking to condos as a longer-term housing solution and they don't want to miss out while prices continue to escalate," said Patrice Gale, Broker, Royal LePage Real Estate.  "Affordability and access play a huge role in their decisions and the core of the City now offers a desirable lifestyle," added Patrice.  "As a Brokerage we are looking to alternative opportunities to help millennials get into the market such as buying in with a friend and creating a Partnership Agreement to help with affordability," said Patrice 
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Owning is more than a logic move it is also a feeling of accomplishment and success and it’s how many of first-time buyers end up “house poor”.
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Condos are convenient and affordable but it often feels like a precarious investment. The idea of “growing old together” and “raising a family” does not match the condo life style. Even though, the demand for it is on the rise and will continue to rise as long as the city of Toronto is growing.