As GTA House Prices Rise, More Young Home Buyers Want In

As GTA House Prices Rise, More Young Home Buyers Want In

The Ontario Real Estate Association (OREA) released data from an Ipsos survey the association conducted. The online Ipsos survey had 1,006 participants. It was conducted between May 31st and June 2nd. The poll found that one quarter of Generation Y residents are likely to buy a property in the next two years. Generation Y includes those who were born between 1981 and 1995.

The poll revealed that 18 per cent of Generation X residents also said they are likely to buy a property in the next two years. Generation X includes those who were born between 1965 and 1980.

According to the survey, Generation Ys stated that the desire to own a home of their own was the key reason for purchasing a home in the future. For Generations Xers, the biggest driver was long-term investment value.

The survey also indicated that a few young home prospectors also had property flipping in their mind. The survey also revealed that one in four generation Y home-owners stated they are likely to sell their property by mid 2018 in order to take advantage of Toronto's hot real estate market.

President of OREA, Ray Ferris mentioned that this increase in customer confidence is likely influenced by the very strong gains home values seen in the past year. He also said that the Gen Xs and Ys who plan to sell their property will definitely experience those gains themselves.

Reference:

Toronto Star

https://www.thestar.com/…/as-gta-house-prices-rise-more-you…