Industry leaders are cautioning agents working Toronto’s west end, warning them about a seemingly ideal client intent on luring them to vacant properties.
Four months after having its hand slapped by TREB, this online brokerage is closing its doors.
I don't believe the report accurately depicts the plight or reality of many millennials. What we are really seeing is the result of the growing trend towards part time employment or contract work employment, neither of which satisfies the banks lending criteria, and this in turn prevents these potential buyers from entering the market, delaying their ability to purchase until they are able to find full time employment !
I agree with Alister. I believe millennials want to purchase but have to delay for the reasons already stated.
Part of the fear associated with the low return on investment is so many people don't live in their homes long enough to build any equity. I tell my clients repeatedly to commit to a minimum of 3-5 years. At 3 they will break even in most cases. Home ownership is an investment but not a quick money maker in most economies. Some people do get lucky like I'm sure the Toronto and Vancouver markets are experiencing but taking a long term approach is prudent. Condos can provide affordable solutions but too many developers have constructed poorly leaving many buyers with huge special assessments. This creates fear of potential problems with home ownership. Overall owning a home is one of the best decisions millennials can make. Rents will continue to rise over the long term and how many other non-taxed investments are there?The government needs to start implementing stronger policies for builders to ensure construction is sound and millennials need to realize the sacrifice of not having everything they want when they want it. this generation is also prolonging raising a family so we may see a shift later than past generations as it is certainly a challenge to raise a family in small downtown condo and go out to eat and travel with babies in tow.
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