There is no doubt about it: Millennials are making a major impact on new home real estate today! Born between the early 1980s and early 2000s, these young people are starting to buy homes and condominiums as they mature and their lives change. A great many of them are turning to condos for financial attainability. They also appreciate the carefree living that condominiums offer, as well as proximity to local amenities and public transit. The possibility of not having to own a vehicle appeals to these young people – certainly saves a lot of money they can put toward owning a suite.
I am impressed with how well educated and savvy Millennial buyers are. They are the Internet generation, and they know how to use today’s technology and their ever-present hand-held devices to find what they want. And what they want is a home that will satisfy a more minimalist lifestyle than their baby boomer parents have. Millennials look at condominium suites in the 400-700 square-foot range as just fine for their needs, especially with today’s clever open-concept designs with flexible spaces. Building amenities essentially expand their living space so they do not have to find ways to fit exercise equipment, home theatres and large tables for entertaining in their suites. They have fitness rooms, party rooms, theatres and much more all under their roof.
Investors take note: Millennials make up a large renter market in Toronto and the GTA. They are used to paying substantial rents, and once they save up a down payment, they find carrying a mortgage un-daunting. A condominium also offers them a “neighbourhood” where they feel a real sense of belonging.
There are oh, so many reasons for offering new condominiums in Toronto and the GTA. Satisfying the needs of Millennials is an important one!