Millennials Buying Homes

1 Star2 Stars3 Stars4 Stars5 Stars (2 votes, average: 5.00 out of 5)
Loading...
Millennials Buying Homes in Toronto
Table of Contents

Millennial Home Ownership:

Although most of the properties are owned by older generations, home ownership has become a goal for Millenials. Baby Boomers ( also known as Boomers) and Generation X are two biggest property owners in Canada. Millennials on the other hand are the new force that drives the real estate market in Canada. Millennials home ownership however is not as easy as it was for their parents. In order for millennials to be able to afford a home in a big city like Toronto, they have to qualify for sufficient mortgage and enough down payment.

Average home price in a city like Toronto has increased by approx 460% in the past 25 years ( from $194,251 in January 1996 to $910,290 in March 2020 )*. Thus affordability is a big challenge for millennials who are looking to buy a home.

Because of the high cost of living in Toronto, many Millennials choose to pay their own mortgage rather than paying rents that are going higher and higher in the city of Toronto.

Millennial and Home Buying Challenges:

The biggest challenge for millennials is the affordability and home prices. In my next article I’ll write about how to afford a home, and with how much income you can live in what areas of Toronto.

Does it worth to rent anymore:

In many big cities, such as Toronto, a big portion of tenants are young professionals and millennials. The way the economy is going, in very few cities renting might still remain an option, not anymore in Toronto and many other major cities. In order to know whether renting is better or buying your own home, our development team came up with a rent vs buy calculator that can help you find out what’s the optimal rent. Optimal rent is the amount of rent that if you can rent that much, it’s better to keep renting, but if you pay rent more than that, you might be better consider buying your own home.

Millennial and Home Buying, where to get help:

Affordability, consists of Down Payment and Mortgage. Millennials who are looking to buy a house nowadays can enjoy the historic low interest rates in Canada. Lower interest rate means more affordability for the same level of income. To get more info you can use our Mortgage Calculator.

The biggest affordability challenge in my opinion, as a Millennial Toronto Real Estate Agent myself, is the Down Payment! There are creative ways for home buying millennials to gather the down payment they need to purchase a house.

Here you can find ways about how to find down payment to buy a home!

 

To locate the best property, take a look at “ the best places to buy real estate in Toronto “. Basically for a Millennial the main factor to locate a property is the price point. Good news is that Millennials still can find affordable homes in or around GTA. But if they insist on living in Downtown Toronto, the chances would be higher that they might need to compromise on factors such as Size, Parking, Backyard etc.

Millennials Home Ownership, Navigating through crazy real estate market:

Millennials are famous to be tech savvy and smart. However they also can take advantage of the services that a Top Toronto Real Estate Agent can provide to them.

For those who love to live in big cities such as Toronto or Vancouver, the home ownership might come with other challenges than merely the prices. I, as a Millenial Toronto Real Estate Agent myself, have helped numerous millennials in the past several years. The problem that Millennials, and First-time home buyers in general, face in a market like Toronto, is how the sellers market works. Toronto’s real estate market has been a sellers market in the past few month, current home inventory in Toronto in March 2020 is 8,816 active listings*. With the Month of Inventory of 1.2 MOI, which is Historically Low, the lowest since April 2017, when the then government of Ontario introduced a fair housing plan to control the market.

In the sellers market something that is common is “bidding wars”, you may also know it by “Multiple Offers situation” ! Buyers need a seasoned REALTORⓒ by their side to win the home of their dreams while competing with others! A professional Buyer real estate Agent knows how to help millennials to overcome these kinds of obstacles in the way of purchasing their home!

For more information you can view this article about “ What Does A Real Estate Agent Do For A Buyer”.

*Source: TorontoMLS Historic Residential Data.

It's simple to get a great REALTOR® with this QUICK and easy online service

Find a Top Toronto Real Estate Agent within a few clicks! Whether you are selling your home or buying your first home! By answering a few questions you get matched with a Top REALTOR®!

Mark was amazing to work with. He anticipated my questions and needs from start to finish, and I trusted him completely. It was obvious that he had my best interests at heart. Mark’s personality made the search for a new home fun, but I never doubted his seriousness in finding me the best home he could. He went to bat for me without hesitation and found me exactly what I needed, taking care of every detail. It made the process exciting, enjoyable and stress free. I would highly recommend him to any future home buyers or sellers!

Breanne M

-

Ari is the most pleasurable person I have ever dealt with before. He never once pushed me towards anything I didn’t want, which is rare in this space and really cared about what I really wanted. You can really feel it from his actions. He catered his service to my needs. He was very patient, hard working, diligent, on top of things and real with me about the situation of the market. The quality of service was very high, not just for this industry but in general. He guided me personally through the contract process in person and made it absolutely painless. Such a reliable guy anybody would refer to their friends. I would definitely recommend Ari!

Bo L

-

communication throughout the entire process making it smooth, transparent and timely. I recently got transferred to Toronto for work. I was scared I was not going to find a place in Downtown that met both my expectations and my budget, as the Downtown market is highly competitive. I am thankful that Ari took the hassle out of the apartment hunt. He delivered great listings that met and exceeded my expectations, he was always on top on arranging viewings and willing to make accommodations to fit my busy schedule. This allowed me to find a desirable place on my first week here in Canada. I appreciated his time and dedication, it was such a relief knowing that he was invested on my best interest. I can’t recommend him enough.

Juanita

-

Ari was quick to understand my needs and steer me in the right direction. His professionalism and warmth made the process of finding a suitable home a lot less stressful than it could have been. He quickly arranged times to visit places I was interested in, which was one of the reasons I could seize a good deal and get a nice home in a good location. He is patient, friendly and knowledgeable and he definitely provides an above average service. I have nothing but good things to say about him and recommend him to everyone looking for a realtor.

Dario Machado

-

Dear Ari, I wanted to thank you for finding me my dreamed condo ! Ari is a very reliable and dynamic person, thanks to his professionalism he found me the perfect condo in less than 24 hours !! As a newcomer in Toronto, I was not familiar with renting process but Ari made it easy, fast and really stress free for me, he was very helpful. I am really happy for the high quality of the service he provides and I will recommend him to everybody without a doubt.

Elodie

-

Oh Ari, In this crazy game of downtown real estate it is quite difficult to find an agent that is timely, true to his word, and a joy to be around. Not only did you make the search process very easy but how quick you put everything together when I was ready to make an offer was phenomenal. The online process really saved me a lot of time and explained everything very well. Most of all though your attitude and humor really made things enjoyable and you were very accommodating to whomever I brought with me on my viewings. I would definitely refer Ari to anyone looking for property downtown. He won’t disappoint.

Abdullah

-

Hey Ari, I’ve had a few experiences with agents trying to find me a unit in the past, and not all of them I’ve had a helpful experience with. Ari was very friendly and attentive to my needs. It was clear he understood what I was looking for and provided me with lots of great options! He found me a great unit under my price range that I love and made the process of applying and renting it so easy. He did all the leg work and the only thing he needed me to do was sign my name. If anyone is looking for an agent to help find them a place to live I’d send them to Ari without a doubt.

Megan D

-