79% of millennials want this kind of housing
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Speaker 1: What type of housing is missing in the GTA according to millennials? Well from this article in BuzzBuzzHome, titled Toronto Millennials Are Calling for This Kind of Housing Fast, the answer is two and three bedroom condos. This articles says that, “79% in a survey, 79% of millennials said, “There were not enough two and three bedroom condos and apartments available in the GTA.”” This is continuing on with the story and the trend that we’ve been seeing over the past couple years, where millennials, the new crop of home buyers coming in. They can’t afford to purchase a house so they’re looking to purchase condos and even rent condos but they’re saying, “There’s not enough two and three bedroom condos available.”
Again if you’re an investor looking to get into the market, then traditionally we would say, “Stick to one bedroom, stick to studios, smaller units only for investment.” That’s traditionally, most of the last 10 years, how we’ve advised you and that has worked out very, very well. But now in the past 18 months or so we’ve started to advise people more and more to start adding two and even three bedroom units to your portfolio. As this is the missing middle if you will, piece of housing in the market that’s in between the starter one bedroom condo and not quite the single family home.
What’s in between, it’s the two and three bedroom condo that’s really the segment of the market that’s really missing. We’re seeing a lot of demand for that on the rental side, as well as the resale side. Particularly in markets where these units are more affordable so the up and coming areas of the GTA, we’re seeing a lot of demand for two and three bedroom units from the millennial generation. An interesting article, hope you enjoyed this one. If you’d like to see more videos like this, make sure you hit the like button, hit the subscribe button and share this video with somebody that you know. Thank you very much and we’ll talk to you soon.
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