The Home Market is Being Re-Shaped By Millennials

The Home Market is Being Re-Shaped By Millennials : How COVID-19 Impacted These Changes

 In today’s home buyer’s world, millennials in their late 20s to early 30s have a huge impact on the housing market. They make up the fastest-growing segment of buyers today. Why? Millennials are moving the market due to their growing careers – which leads to a higher income – and paying off their student loans. With work-from-home being the day-to-day reality for a lot of workers, individuals are more inclined to find a bigger working space that is more convenient. With no dining out, and in-person shopping as strict restrictions came into place; all the unspent money has made its way into funding real estate investments or a mortgage down payment. Canadian millennials, being technologically-advanced, find online research into investing into homes more comfortable as well. Due to COVID-19, there have been significant changes to the economy. The drop in interest rates is an impactful reason for more individuals to buy homes. With many individuals feeling more inclined to buy a new home as competition for entry-level housing has lessened. The window of opportunity for young Canadians is bigger than ever before. Millennials are changing the way the home-buying process is looked at more then any other generation. If you have any questions about how to place your home for sale in an area that you think may be a great spot for this target homebuyer, feel free to reach out to one of our mortgage specialists at 416-621-7501.