September 14, 2020, by Sean MacKay
Researchers from Ryerson Universityâ€™s Centre for Urban Research (CUR) say that the trend of Millennials taking advantage of the low mortgage rates due to the pandemicâ€™s economic impact to buy single-family suburban homes in the outer areas of the City of Toronto and surrounding GTA is weakening the condo market in the cityâ€™s denser urban area.
CURâ€™s Diana Petramala and Victoria Colantonio wrote in a research that the resale market in the suburban â€œ905â€ region broke sales records in August, with buyers showing â€œa higher preference for ground-related housing.â€
The researchers went on to point out that this shift in home buying preferences to suburban markets and ground-related housing coincides with a significant change in the way short-term rentals are regulated in the City of Toronto.
Millennial demand for detached homes is surging during pandemic: CUR
What does this mean?
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