03 Apr Millennials behind surge in home buying intentions (with a little help from family).
Original article via Financial Post. Click here to read.
In what was a long, cold winter for Toronto’s property market, realtor Tom Storey barely felt a chill.
As sales of single-detached homes slumped, Storey’s downtown clientele of young buyers continued their pursuit of more affordable condominiums, picking them up at a heated clip.
“Millennials are probably 60 per cent of my business now so things didn’t slow down,” said Storey of Royal LePage. “There’s definitely an eagerness in that age range to get into the market because a lot of them have been renting or living with their parents and they’re worried if they don’t get in, they’ll get priced out of the market.”