Tuesday, March 25, 2014
Millenials biding their time?
Many of the first-time buyers are millennials. They are expected to account for 35 per cent of home ownership in Ontario by 2016, according to Canada Mortgage and Housing Corporation. Census numbers show that almost half the population of downtown Toronto consists of millennials. Home ownership is said to be a high priority with this group, who are, according to anecdotal evidence at least, quite prepared to live at home with the parents until they have saved enough to buy that first home.