Rural prices have increased $100,000 over the past 3 months resulting in places like Barrie ON averaging $700k now. When you’re a young professional who has been living with roommates on Bay Street who can work remotely and the most you can buy is a 1br plus den under 700sf for $700k, it makes sense to fulfill the dream of homeownership outside the city.
About 25% of Canadians between the ages of 25-35 bought real estate within the past 12 months. And 39% plan on buying in two to five years.* And the top trends are:
i) Work Remotely from Home
To remain working at home a majority of the time, and to only go into work a couple times per week or month. This has been a top consideration for 65% for people in this age bracket when considering a home. *
ii) Live away from the City
On average across North America, 50% of Millennials purchased homes outside major urban centers,** but close enough to drive into the city.
Will this trend continue where people will continue moving out to the suburbs and rural areas? Or will people eventually gravitate back to major urban centers once vaccinations are done and immigration starts again. What is your preference?
Toronto Stats this Past Week
MLS activity from March 17 to 23 for residential properties:
↑ For Sale:
Compare the above to the week before from March 8 to 16 when there were 4,082 for sale, 1,448 newly listed, 753 sold & 9,202 for rent.