Is Durham Attracting the Biggest Home-Buying Generation in History?
Are Durham Region’s communities such as Pickering, Ajax, Whitby and Oshawa set to be the major landing spot for the biggest home buying generation in history? Millennials or the millennial generation is also known as generation Y. While no specific dates are attributed to the generation, most experts agree that millennials were born between the early 1980s and the early 2000s. With millions of Canadian millennials set to move into their prime home-buying years, the impact on the Durham Region housing market could be huge.
With prices continuing to sky rocket in the GTA, affordability will become an important factor for millennials. They currently play big roles in the GTA rental market, spending upwards of $1800 per month to rent a condo, but as millennials move into child-bearing years, consideration will be given to more affordable housing and more space for the growing family. Both of which the Durham Region has. The average resale price of a home in the York region last November was $807,167. In Durham it was $455,603.
With approximately 1.5 million millennials currently in the GTA area, they will continue to affect the housing market much like their baby-boomer parents did previously. Will they stay close The big questions they have to answer, however, will be how much can they afford and how far of a commute they are willing to make? With the 407 extensions well under way and GO transit continually improving, Durham Region communities certainly provide a viable option for those millennials looking to both raise a family and purchase a home.