As millennials move into their child-bearing and family oriented years they will demand more space and become a force to be reckoned with. According to Susan Pigg, a business reporter, millennials have the potential to be the biggest home-buying cohort in history—even bigger than their baby boomer parents. So far, it is the millennials who have been helping drive competition for starter condos and single-family homes, especially in Toronto and Vancouver. Millennials have thus far made a huge impact on the GTA rental sector due to their willingness to pay nearly $2,000 a month to rent sky-high condos in downtown core, just steps from work. This is vital to the condo boom in Toronto and therefore makes the desires of the millennials a priority for developers. Therefore, Mortazavi, a developer mainly in the Beaches, claims that the very notion of home ownership is changing, and that young buyers are looking less for quantity than quality, and within complete communities or urban villages with parks and other family amenities.
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*Subject to qualification.