Millennials are one of the largest generations in history and are about to move into its prime time spending years. Millennials is the common term for the generation who became adults in the year 2000 or later and are currently aged 16-35 years old.
Young professionals in the GTA are making the big decision to move outside of Toronto to buy or rent a house. Hamilton’s affordability, compared to Toronto, is the strongest lure for younger people priced out of the GTA.
According to a 2016 study by the Social Planning and Research Council of Hamilton, there are now more millennials than baby boomers living in Hamilton. Millennials want more space then just a cramped little apartment. They want a house with a front or back yard, a space to have company, which is offered by Hamilton’s older homes.
In Hamilton, first-time buyers mostly seek out older, single-family detached homes around $300,00 according to RE/MAX. Hamilton isn’t wasting any time, with the construction of two new condos’ being built in the downtown core. The growth rate for young adults aged 20-29 in Hamilton has become strong and has become twice the growth rate of Toronto.
It’s a hard time for millennials. About 70 per cent are willing to delay homeownership until they can afford what they really need and want. It comes to a point where millennials are living at home where the rent is either free or less then renting a place of their own.
A bonus to moving to an affordable home outside of Toronto is the ongoing transportation. Such as increased GO Train Services to the region and the upcoming Light Rail Transit (LRT) project.
Have a great week
Mark