Millennial's Are Increasing The Demand For Condominiums.
Sardool Bhogal. Director-Public-Govt Relations International Trade-Business Consultant.
International Trade and Business consultant. Ardent community builder. Toastmaster, Available for Speaking engagements/ serve on Board of Directors.
When deciding to buy a home, people are presented with many different options. The type of home you buy depends on your needs, budget, and in many cases, the desired maintenance level. For many millennial's, their choice has been buying a condominium!
According to CoreLogic,
“Last year about 43% of all condo home-purchase mortgage applications were submitted by FTHBs… Similarly, the data show condos were more popular with young home buyers and empty nesters. For instance, 21% of all condo home-purchase mortgage applications were submitted by buyers aged 18 to 30, compared with just 17% of all single-family home-purchase mortgage applications by the same group in 2018.”
With home prices increasing year-over-year, it makes sense millennial's are buying condos instead of a single-family house. As a result, the demand for this type of home has been increasing.
Bottom Line
If you are a millennial considering buying a home, understand that there are many options available. You may find yourself in a condominium as your first home. If you would like to determine which type of home best fits your needs, Call us at 1 877 607 7222 and sit down with our real estate professional who can help evaluate your options!
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