The Motria Group's Market Blog: How is Toronto doing in keeping its young in the city.
Monday Jul 15th, 2019Share
How is Toronto doing in keeping its young in the city. We have recently sold and leased a number of condos to young millennials in the city and are currently working with a number of young professionals working in the city and wanting to leave the family home. There is large demand and pressure in the city to provide housing for these young starting their professional lives. Many start with renting (finding a place is a big challenge) and some who are receiving some help from parents are buying. Prices are high but the city has created some pockets in the north, south, west and east parts of the city where millennials are congregating. Recently, walking through Liberty Village I saw mostly millennials. This area is now a true neighbourhood. Another area which is up and coming is Queen and Dovercourt. Lots of condos popping up - a neighbourhood is being created.
Rental buildings geared to millennials are starting to be built. These buildings provide condo like amenities and are renting quickly.
The young may go back to their old neighbourhoods where they grew up when they settle with families (if they can afford it). However, in their early years they seem to prefer the freedom of condos and they want them to be in the city and in a neighbourhood. It will be interesting to see how the city nets out in housing in the next few years.