Calgary millennials possess more real estate than their generational partners, however new mortgage rules could change all that.
That is the discoveries of another overview done by Royal Lepage that demonstrates Calgary’s more youthful populace claims more land than others of a similar age somewhere else in Canada.
The study likewise uncovered that new mortgage rules are making it harder for that age class to become tied up with the market.
East Village real estate broker Lisa Mundell says her millennial customers are various with regards to what drives them.
“They don’t want to waste their money renting,” Mundell told the Calgary Eyeopener. “They’re living at home a little bit longer — so we’re seeing our first buyers are sort of [in] that 23, 25 [year-old range].”
Then again, there are the individuals who incline towards not to purchase anything by any stretch of the imagination.
“We’re [also] seeing people in their 30s that want to travel more and not be house poor and have a life,” she said.
Some portion of what drove Calgary to the highest point of the study is the unique affordability of the downtown housing stock, especially when contrasted with the out of this world cost of owning in urban communities like Vancouver or Toronto.
“Here they’re in [the] oil industry and tech, and they’re all downtown, so it’s affordable (housing wise) downtown — whereas in Vancouver or Toronto. you’re paying $1,200 a square foot,” said Mundell.
“Calgary condos in the East Village are going for about half that.”