Those who were buying or selling real estate 30 years ago went through a very different process than today’s prospective homeowners.
Decades of changes in technology, lifestyle, and the economy has created a new generation of buyers who are influencing the local market in a big way.
Who They Are
Millennials – also known as Generation Y – are the children of baby boomers, born between approximately 1980 and the early 2000s. Raised during a time of great technological advancement, this demographic makes up roughly one-quarter of Canada’s population.
What They’re Buying
In metropolitan areas such as Toronto, Millennials are interested in the lifestyle and community that a property can offer just as much as the home itself. This generation is more likely to rent than buy; but when they do purchase a property, it’s usually a condo that delivers on a convenient commute, local amenities, and modern design. How They’re Buying It’s not just what they’re buying, but how they’re buying it. Technology has drastically changed over the last 30 years, which means that the way a millennial buys a home is a very different experience from their parents’. Listings and real estate information is available at the click of a button, so most new buyers are browsing prospective houses online before anything else.
Who They’re Buying With
The agent/client dynamic is also different; some millennials and their agents tend to take more of a casual approach to the real estate process. Although they still value the guidance of an agent, the way they communicate has gone from face-to-face office meetings to texts and casual coffee meet-ups.