To the surprise of no one, Canadian millennials have probably been impacted the most by the surge of real estate prices. Today we at Robert Floris’ mortgage architects office will analyze both the current and future effects to the millennials.

As a baby boomer myself, the Gen-Y cohort appears to be much different than our group at their age. In discussions with friends we categorize these kids in general terms such as being in their parents basement or renting small sub standard units. They also enjoy their five dollar coffees, seven dollar avocados, and for sure their technology. Buy a car? Nah, Uber is their preferred choice. But this group is starting to get older. They will marry and have kids. The problem is due to the economy and surge in home prices, Canadian millennials are finding it difficult to enter home ownership.

The good news according to Royal LePage is that the number of Canadians age 25 to 30 will increase by 21% by the year 2021.

Smart builders will develop this need with smaller, more affordable housing. In large urban cities like Toronto or Vancouver, urban planners will hopefully see the need for larger condominium units as opposed to single-family dwellings. We have seen this trend in Europe already where families by essentially apartment units.

Robert Floris is a Mortgage Agent located on the East Hamilton Mountain, serving Hamilton and the GTA and Ontario. He not only offers the best mortgage rates, but also honest advice and a financial plan at no charge to the client.

Robert can be contacted at 905-574-9200 Ext. 215 OR by email at mortgages@robertfloris.com. You can fill out an application online at https://application.malink.ca:8112/App/MARC/FLORISR/en-ca/1896 with absolutely no pressure and no obligation.

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