Realtors expecting steady growth in sales and prices this year, even as new rules come into play
While avocado toast emojis may be “peak millennial” for some, the term has a different meaning in the real estate world.
It refers to the largest cohort of millennials, born between 1987 and 1993.
The sub-generation is now reaching its theoretical home-buying age and will be closely watched by realtors in 2018.
Real estate broker Royal LePage President and CEO Phil Soper believes peak millennial will be a major player in the Toronto real estate market in 2018.
“They’re finally fleeing the nest,” Soper said in an interview with CBC Toronto.
Soper expects strong demand for real estate to continue in 2018, thanks in part to this large demographic hitting the age when many want to buy a home.
“What this means is that we’ll have a new group of buyers,” he said.
Other factors will drive 2018 demand, according to the Royal LePage House Price Survey, which was published last week.
The report predicts that international immigration will continue to bring home-buyers into Canadian markets.
And in the cases of Ontario and British Columbia, their strong economies and job markets will continue to attract newcomers from other provinces, the report said.
According to a 2017 Royal LePage survey on the topic, 87 per cent of millennials intend to buy a home at some point in their lives.
“It appears kids desire real estate to the same degree as their parents,” Soper said.
Of course, reality can get in the way of intentions, but Soper says even in an expensive real estate market like Toronto’s first-time buyers will be able to buy a home.