Born between 1980 and 2000, millennials are the largest generation currently looking to purchase their first house and make up 68 percent of all first-time homebuyers. While many millennials are still paying down student loan debt, they are starting to look into buying homes. Millennials are resetting trends in the real estate industry and looking for homes that specifically match their lifestyles. Most lean towards smaller, tech-friendly homes that come with little to no maintenance.
Location
It has always been about location and millennials are looking to be in locations that are near their jobs as well as the areas they like to shop and hang out in during their downtime. While shorter commutes are the biggest draw to living in the same area they work, millennials are also looking for locations that are walkable, safe and can eventually be a location that they can start a family in.
Technology
When purchasing a property, a millennial is going to look at the technology available in the house. Does the property offer lots of outlets, smart devices like a Nest or Ring technology, or will they have to install these things once they purchase the property? Many millennials work from home, so they also want to be in an area that has excellent cell phone service and access to reliable high-speed internet.
Energy-Efficient
Saving money is important to millennials, and when they are purchasing property, they are checking to see if their possible future home is energy-efficient. For homes to be considered efficient the home comes equipped with new windows and doors, and LED lighting to help reduce the cost of utility bills. More energy-efficient homes are causing millennials to look into properties that are smaller and easier to equip with efficient devices.
Affordability
For the majority of millennials purchasing houses, they are struggling with the ability to qualify for mortgages and find properties within their budget. Many millennials end up being priced out of properties in urban areas because of the rising cost of home prices. If the investment in the housing market is not right for them, a millennial often has the option to wait and hold out for something that better suits their needs and budget.
2019 is predicted to be the boom of the millennial housing market. But with tough mortgage rules and relatively high home prices across Canada, it might be hard to lure these young, business savvy individuals into purchasing long term properties. For the Canadian real estate market to prosper on the millennial home buying trend, neighborhoods will have to offer them the creature comforts they are looking for in their first homes. Millennials are beginning to test the waters outside of what they traditionally purchase and are looking for long term investments.
If you are a millennial new to the real estate market and looking to purchase in Oak Ridges Lake Wilcox area, Mehran Redjvani can help you find the perfect property! Visit his brokage page for more information.