Let’s face it. Buying a home isn’t exactly cheap these days, especially when you’re in between the ages of 18 and 34. Unless you’ve been saving your whole life to make a generous down payment on a house or you’re fortunate to be making around six figures, living in a downtown metropolis like Toronto or Vancouver can be difficult. For millennials, it’s all about the lifestyle. They tend to rent in urban neighbourhoods to be near the hottest restaurants and nightclubs instead of investing in the suburbs where they can actually afford to start paying down a mortgage.
Millennials: we hate to break it to you but the baby boomers who found it important to purchase in the suburbs had it right. If you’re renting downtown without any plans to buy a house, you’re not gaining any equity. Of course, each to their own but without owning large assets, factors like retirement may be a whole lot harder.
If you’re a part of generation Y and are trying to decide “where is the best location to invest in property”, you’ve come to the right place. If living in downtown Toronto or another large city is important to you (and you can afford it) all the power to you – We have REALTORs® in Southern Ontario who will help you find the home of your dreams in downtown Toronto!
…But for the people who just can’t afford that lifestyle, it’s more realistic to buy in the suburbs or in another thriving (smaller) city.
We’ve listed 3 great places below where Millennials should consider purchasing property:
Barrie is an up and coming town within 2 hours of Toronto. More and more millennials are relocating to this vibrant waterfront community and they’re absolutely loving it! With an easy commute to the city of Toronto, a strong economy, a mild climate, and an average income of $86.8k, it’s easy to see why real estate sales are booming. Not only do residents get to enjoy the natural lifestyle filled with outdoor opportunities and wine tastings, they also get to enjoy an exciting nightlife filled with colourful concerts and delicious restaurants. If buying in downtown TO isn’t in your budget, consider Barrie! It offers a small town feel with big city excitement.
If you became an adult in the 21st century, you’ll find many great rewards while living in the Okanagan. Whether you’re looking for a location to buy a home with the purpose of starting a family or if you want to settle down in a smaller town that still has excellent shopping and nightlife opportunities, look no further than this quiet town in the middle of wine country. With an age majority of 20-64, residents love the stable economy, warm summer weather, mild winters and extensive outdoor opportunities to keep healthy. The beautiful surroundings, breath-taking wineries and close proximity to Kelowna all make this quaint town the perfect place to purchase a house and start the next chapter of your life.
Families from all over Canada are choosing the thriving city of Okotoks to settle down and purchase a home. With the average house price sitting at around $650k and the average income falling at $88k, it’s easy to understand why a younger population is migrating to this charming community. The demographic majority of Okotoks falls between the ages of 0 and 43 which proves there’s a draw to this cozy Alberta town. With the location being within 40km of Calgary along with the city’s affordability, great economy, and rich cultural heritage, the people who reside here are generally a happy generation Y crowd who values culture, history and progress.
There are many rewarding places to invest in property all over Canada that are actually affordable and comfortable. It’s understandable that as someone who’s just starting their life, you’d want to live in cities that are thriving, growing and embrace the change that comes with it. The above 3 cities are all exceptional places to live no matter what lifestyle you’ve chosen for yourself and the best part? They’re actually affordable!
Are you a millennial ready to begin your house-hunting journey in an exciting city? This is the most important decision of your life and we can’t wait to help you out with it. Choose a location that interests you and give our local agents a call to get started.