Millennials in Calgary own more real estate than those elsewhere in Canada

August 20th, 2017  |  Canadian Business

According to findings made by Royal Lepage, millennials living in Calgary own more real estate than within the same age group living elsewhere in Canada.

Calgary came out on top, largely in thanks to the unique affordability of it’s downtown housing market, especially when staked up against housing prices of downtown Toronto or Vancouver.

"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 East Village real estate broker, Lisa Mundell. "Calgary condos in the East Village are going for about half that."

Royal Lepage also noted that due to new mortgage rules, it is becoming harder for those within the millennial age group to buy into the real estate markets, as larger down payments are being required. However according to Mundell, consumer habits differ greatly within the millennial generation itself and even those that can afford to buy, may choose not to, or may choose to buy later in life.

"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."

And, on the other hand, there are those who prefer not to buy anything at all.

"We're also seeing people in their 30s that want to travel more and not be house poor and have a life," she said.