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 a Royal LePage 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 percent 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 homeownership 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.
Patrice Gale, broker at Royal Lepage believes that the market will increase at a slow pace from now on. The big jump already happened back in 2015 and rushing to buy in the fear of paying significantly more if waiting too long is untrue for most housing and can leave clients unhappy and rushed.
Owning is more than a logic move it is also an attachment, a feeling of accomplishment and success and it’s how many of first-time buyers end up “house poor”.
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 lifestyle. Even though, the demand for it is on the rise and will continue to rise as long as the city of Toronto is growing.