11 Jan Priced out of urban areas, millennials opt for the cottage.
Original article via Globe and Mail. Click here to read.
Like many people in their late 20s and early 30s, Heather Payne and her husband, Shawn Konopinsky, are bright, ambitious and successful – but they don’t own the place where they live with their one-year-old baby. Instead, they own a cottage.
For the past five years, they have rented their apartment in the downtown Toronto neighbourhood of Parkdale, joining the 50 per cent of millennials who are still renting their homes by age 30, according to the 2016 census data, compared with the 45 per cent of boomers who hadn’t bought their place by the same age.
What they’ve decided to do with their savings is also increasingly common among Canadian millennials in the same position. They’ve invested in a recreational property outside of one of this country’s overheated urban markets – well outside.