BMO has recently released their Spring Housing Affordability Report and with it they have concluded that a major factor in rising prices is Millennials. According to the report, “The perennially hot markets of Toronto and Vancouver are largely driven by the impact of millennial home buyers creating price increases in the condo and townhouse markets,”.
The senior economist for BMO Sal Guatieri stated that Toronto and Vancouver will not be the only markets that could see price jumps because of Millennial demand. Guatieri wrote “We expect millennials to bolster other markets like Montreal and Ottawa, as those looking for better affordability consider options beyond Toronto and Vancouver,”.
Other than Millennial home buyers, other factors affecting prices include record low unemployment and the highest population growth seen in 25 years. Additionally, Interest rates are still historically low, although according to Guatieri there is expected to me more hikes in 2018.
If you have questions about the Barrie Condo market, contact our team today 705-739-3432, we are always happy to help you with any questions you might have.
Read more here: https://newsroom.bmo.com/2018-03-22-BMO-Spring-Housing-Affordability-Report-Prices-in-Top-Markets-Still-Rising-Affected-by-Millennial-Demand-Strong-Economy