Millennials Making the Market Fickle
As a part of a Leger poll, 83% of Montrealers aged 18-34 want to buy a home someday, and half plan to do so within the next five years. Though surprisingly, it seems as if the younger demographic will be moving out of the big city, and into the suburbs to get more bang for their buck. Since 2016, there’s been a continual shift of younger professionals giving up condo rental for starting a family in the suburbs. Earlier this year, Montreal Gazette revealed that “Millennials surveyed were torn between urban and suburban living. Slightly more than half of the 18- to 34-year-olds polled said they would prefer to live in the downtown core. At the same time, 58 percent pined for a single-family home, and most of those who had already put down roots in the suburbs said they would not move back to the city.” While there will always be those who cannot afford to purchase a first home, there’s still going to be a market for these single family dwellings within and near the city.
Single Family Homes More Stable
While single-family homes can cost more than a condo, they tend to be less affected by the fluctuation we see in the condo market. This is partly due to the uniqueness and rarity of this type of dwelling within the city, as most have been snatched up by real estate investors or zoned for even more condo builds. “A lot of Millennials would love to have a single-family home. They would love to have that lifestyle, but it’s becoming increasingly out of reach,” Sotheby’s Canada president and CEO Brad Henderson, “They haven’t given up on the dream, but it is a little bit harder to achieve because of the increase in the cost of living.” These unique features, along with the promise of interested buyers ensure that your home and its price will sustain its value.
Single Family vs. Condos By The Numbers
|Single Family||1st Quarter 2019||Change||Last 4 Quarters||Change|
|Average Selling Time (Days)||64||-2||61||-9|
|Condominium||1st Quarter 2019||Change||Last 4 Quarters||Change|
|Average Selling Time (Days)||73||-18||81||-16|
Based on the above statistics from Centris, it’s clear to see that while condominiums are plentiful and much more affordable, their average selling time is much longer as there are so many listings flooding the market. If you can afford to purchase a single-family home, it’d be in your best interest!
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