22 May 2018

Another interesting thing is that home ownership rates are the same among millennials as previous generations. It means they will keep wanting their own properties.

Today, this rate of home ownership among millennials is 40%, and it’s expected to reach 60% by 2026, says the report.

During the next 10 years, about 500,000 new millennial households will appear, and 350,000 of them will probably become homeowners.

Defining millennials as those who were born between 1981 and 2001, the report says the average age of millennials in the region is 26 years old. It’s still normal to study at this age, live with parents and not earn a lot of money.

Nevertheless, as they pass a 30 mark, they are expected to focus more on the life goals which they used to postpone earlier.

“As they get older and increase their income, they tend to get married, live with their partners, have kids”, –  Clayton noted.

The report expects a switch in a trend of millennials choosing condos in downtown to preferring suburbs.

“The attractiveness of the City of Toronto to millennials will decrease, as in time they will start appreciating housing affordability and large spaces more than proximity to work and city amenities,” – the report says.