The millennials are expected to make one of the biggest impacts on Canadian real estate market in the near future. The impact could in fact be bigger than what their baby boomer parents made. They make up about 25% of the country’s population andare just about entering into the home-buying stage. Many of them live in Alberta and Toronto because of the growing job growth markets, especially Calgary.
Most of the millennials who have found a decent and reliable job have already begun driving competition in the condos market. According of latest surveys and findings, affordability will be a big factor in driving both condo sales and rentals.
As the millennials move into their family-making years, they will need more space. This means that they will be a very big, if not a major factor driving sales and rental growth across the country over the next 10-15 years.
Even some real estate boards and associations have taken this potential into account and have planned surveys.
One reason the millennials are making a big impact on the rental industry is because they are ready to pay big. More and more of them are looking for chic, furnished condos just a walk from their workplaces.
The rental vacancy rate is poised to go further down over the years.
All this has also made a shift in interest towards rental units among developers.
Part of the reason why many millennials are less interested in owning single-family homes is because they are more attracted to a decent job and a lifestyle.
The millions of Canadian millennials are thus expected to make a big impact on the rental market.