In its latest Peak Millennial Survey, Royal LePage noted that while current economic and employment realities along with elevated housing prices in Canada’s largest metropolitan areas are making it nearly impossible for young adults to put down roots and get started with their own families, Atlantic Canada markets are proving to be the exception to this grim rule.
The study looked at the impact that peak millennials—which Royal LePage defined as those aged between 25 and 30—are expected to have in the Canadian real estate sector over the next few years. This market demographic is expected to increase 17 per cent by 2021.
Bucking the national trend of difficulty in achieving home ownership dreams, Atlantic Canada holds the highest percentage (69 per cent) of peak millennials who indicated belief that they will be able to purchase their own houses in the next 5 years.
“With a significant amount of extremely affordable housing, and a much lower cost of living, purchasers within this region are often able to save up enough money and find the perfect home with relative ease,” according to James Marjerrison of Royal LePage Prince Edward Realty in Charlottetown.
Atlantic Canada also posted the highest volume of those aged 25 to 30 who think homes within their market remain affordable (59 per cent). 75 per cent of peak millennials surveyed in the region expressed hope of getting detached homes, with 54 per cent saying that they will be able to afford such purchases.
“Peak millennials often do not need to make compromises when looking for a home in Atlantic Canada,” said Karen Syroid of Royal LePage Gardiner Realty in Fredericton. “For this reason, many millennials today are making housing decisions based on criteria that other generations simply haven’t thought of in the past. They want a home that will help them augment their lifestyle, and refuse to shrink their budget to the point where they have to give up the things they love.”
“Peak millennials make up a significant portion of the market in Atlantic Canada, acting as both first-time homeowners and move-up buyers,” added Glenn Larkin of Royal LePage Professionals 2000 in St. John’s. “With many parts of the region offering significant value, purchasers will tend to go wherever the best deal is so long as the property is move-in ready and able to enhance their lifestyle.”
The full results of the study can be viewed here
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