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Around four in five millennial homebuyers in Ontario are looking for detached and semi-detached homes, something the market has a limited supply of, according to the latest study by the Ontario Real Estate Association (OREA).
The study said that this group of homebuyers is more interested in detached, semi-detached, and townhomes instead of the more affordable option, condominiums.
However, OREA President Sean Morrison said the province needs to address its supply issues to help boost the accessibility of the housing market for first-home buyers.
Morrison said the lack of available properties in the market is not helping the impact of high demand on home prices.
"Ontario needs to address the missing middle of housing supply by exploring innovative solutions like laneway housing and multi-unit homes, such as townhouses, stacked flats or mid-rise buildings, especially in downtown and urban areas," Morrison said.
According to the study, millennials are more likely than baby boomers to consider living in urban and suburban areas. They typically watch out for these factors when looking for a home: affordability, safe and quality neighbourhood, and proximity to work.
Their baby-boomer counterparts, on the other hand, prefer properties in small towns and rural areas.
by Gerv Tacadena
11 Mar 2020