{"id":1799,"date":"2016-08-26T18:48:10","date_gmt":"2016-08-26T18:48:10","guid":{"rendered":"https:\/\/www.matrixmortgageglobal.ca\/?p=1799"},"modified":"2021-04-01T10:12:41","modified_gmt":"2021-04-01T10:12:41","slug":"millennial-migration-due-to-red-hot-market","status":"publish","type":"post","link":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/millennial-migration-due-to-red-hot-market\/","title":{"rendered":"Millennial Migration Due To Red Hot Market"},"content":{"rendered":"

\"redhot\"<\/p>\n

The numbers are in:<\/strong><\/em> Canadian home prices have been growing by 2.0% per month on average, and 10.9% year-over year. The red-hot Toronto market saw a 3.1% increase in home prices, and Vancouver had a 2.3% increase despite the new foreign home buyer tax.<\/p>\n

Canada\u2019s booming real estate segment and competitive bank lending is contributing to approximately 20% of the economy. \u201cReal estate has become the country\u2019s biggest industry at 12.4 percent of GDP, or 13.2 percent if you include leasing,\u201d the Bloomberg<\/em> report stated.<\/p>\n

The down-side of the climbing house prices despite it’s positive effect on the GDP is this: first time home-buyers and millennials in particular are being priced out of the market. The average cost of homes neared $1.1-million in the greater Vancouver area and shot above $700,000 in Toronto. Even once affordable surrounding regions such as Scarborough, Ont., are now expensive.<\/p>\n

\"millenial2\"<\/p>\n

The result? Millennials looking to buy are getting squeezed out of the big cities.<\/span> According to Statscan, Toronto has lost the highest number of young people since 1999 and Vancouver has lost the most since the Great Recession.<\/p>\n

Are you feeling the squeeze? Matrix Mortgage Global has lending solutions for millennials and first-time home buyers in this situation, such as purchasing an investment property and renting out part of it to increase affordability.<\/p>\n

Call us at 1 800-429-0717 or Contact Us through our website chat to discover home financing options. <\/a><\/strong><\/em><\/p>\n

\n

<\/i> Canada<\/a>, market update<\/a>, millennials<\/a>, real estate market<\/a>, Toronto<\/a>, Vancouver<\/a><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

The numbers are in: Canadian home prices have been growing by 2.0% per month on average, and 10.9% year-over year. The red-hot Toronto market saw a 3.1% increase in home prices, and Vancouver had a 2.3% increase despite the new foreign home buyer tax. Canada\u2019s booming real estate segment and competitive bank lending is contributing…<\/p>\n","protected":false},"author":1,"featured_media":2690,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[22,23,24,25,26,27],"class_list":["post-1799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-canada","tag-market-update","tag-millennials","tag-real-estate-market","tag-toronto","tag-vancouver"],"yoast_head":"\nMillennial Migration Due To Red Hot Market - Matrixmortgageglobal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/millennial-migration-due-to-red-hot-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Millennial Migration Due To Red Hot Market - Matrixmortgageglobal\" \/>\n<meta property=\"og:description\" content=\"The numbers are in: Canadian home prices have been growing by 2.0% per month on average, and 10.9% year-over year. 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