How millennials are using technology to compete in tight housing markets
Millennials are using the internet to compete in real estate markets where odds are stacked against them
The rapid escalation in housing prices has disadvantaged millennials who started their working lives with wages that failed to meet housing affordability thresholds, but they are increasingly leveraging digital solutions to compete in tight markets.
First-time homebuyers, the majority cohort of those buying a home in Canada, are mostly younger households transitioning from renting or living with their parents. In the United States, millennials comprised the largest share of homebuyers at 47 per cent, according to the National Association of Realtors (NAR).
A recent commentary noted that “millennials have aged into the housing market at the worst possible time.” Rising home prices and the persistent imbalance between supply and demand have frustrated millennials who typically lose bidding wars to older, wealthier buyers.
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Millennials are using the internet to compete in real estate markets where odds are stacked against them
The rapid escalation in housing prices has disadvantaged millennials who started their working lives with wages that failed to meet housing affordability thresholds, but they are increasingly leveraging digital solutions to compete in tight markets.
First-time homebuyers, the majority cohort of those buying a home in Canada, are mostly younger households transitioning from renting or living with their parents. In the United States, millennials comprised the largest share of homebuyers at 47 per cent, according to the National Association of Realtors (NAR).
A recent commentary noted that “millennials have aged into the housing market at the worst possible time.” Rising home prices and the persistent imbalance between supply and demand have frustrated millennials who typically lose bidding wars to older, wealthier buyers.
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But not all is lost for the millennials. Historically low-interest rates imply that their monthly mortgage costs will be relatively affordable despite the higher purchase prices. Unlike older cohorts, much of their mortgage payments will not be consumed by interest payments.
The digitization of the real estate sector, with the internet enabling digital marketplaces for listing homes, applying for mortgages, paying for services and more, has also benefitted millennials because they are more likely to readily adopt digital solutions.
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The digitization of the real estate sector, with the internet enabling digital marketplaces for listing homes, applying for mortgages, paying for services and more, has also benefitted millennials because they are more likely to readily adopt digital solutions.
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Federal 2022 budget proposes $10 billion in housing spending
The Canadian government has proposed more than $10.1 billion until 2027 to build new homes and introduce policies that will support the country’s housing market in its latest budget.
On Thursday, April 7th, Deputy Prime Minister and Minister of Finance Chrystia Freeland presented the 2022 budget to the House of Commons.
As the cost of living climbs and the price of homes continues to rise across Canada, the budget outlines specific spending dedicated towards the creation of new housing, tax credits and new policies that target market speculation.
“Housing is a basic human need, but it is also an economic imperative. Our economy is built by people, and people need homes in which to live. But here’s the problem — Canada does not have enough homes,” said Minister Freeland in her budget speech. “We need more of them, and fast. This budget represents perhaps the most ambitious plan that Canada has ever had to solve that fundamental problem.”
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The Canadian government has proposed more than $10.1 billion until 2027 to build new homes and introduce policies that will support the country’s housing market in its latest budget.
On Thursday, April 7th, Deputy Prime Minister and Minister of Finance Chrystia Freeland presented the 2022 budget to the House of Commons.
As the cost of living climbs and the price of homes continues to rise across Canada, the budget outlines specific spending dedicated towards the creation of new housing, tax credits and new policies that target market speculation.
“Housing is a basic human need, but it is also an economic imperative. Our economy is built by people, and people need homes in which to live. But here’s the problem — Canada does not have enough homes,” said Minister Freeland in her budget speech. “We need more of them, and fast. This budget represents perhaps the most ambitious plan that Canada has ever had to solve that fundamental problem.”
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Mississauga issued over $2 billion in building permits during 2021, up from 2020 levels
In a press release, Mississauga stated that it gave out 4,120 building permits last year, equivalent to a total construction value of $2.09 billion. This marks a 36 per cent increase in value from $1.4 billion in 2020. The City of Mississauga also recorded a 10 per cent yearly increase in the number of permits issued, up from 3,709 permits for all building types in 2020.
“These numbers show two important things: One is that developers, businesses and other property owners want to build in Mississauga and take advantage of our thriving economy and the incredible amenities our city has to offer. And secondly, it shows that we’re doing everything we can at the City to ensure building permits are issued as quickly as possible in order to get shovels the ground,” said Mayor Bonnie Crombie, who noted that the city has the highest number of units under construction now than in the past 30 years.
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In a press release, Mississauga stated that it gave out 4,120 building permits last year, equivalent to a total construction value of $2.09 billion. This marks a 36 per cent increase in value from $1.4 billion in 2020. The City of Mississauga also recorded a 10 per cent yearly increase in the number of permits issued, up from 3,709 permits for all building types in 2020.
“These numbers show two important things: One is that developers, businesses and other property owners want to build in Mississauga and take advantage of our thriving economy and the incredible amenities our city has to offer. And secondly, it shows that we’re doing everything we can at the City to ensure building permits are issued as quickly as possible in order to get shovels the ground,” said Mayor Bonnie Crombie, who noted that the city has the highest number of units under construction now than in the past 30 years.
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New two-tower high-rise project proposed near Ontario Science Centre, future Ontario Line station
In late March, a rezoning and Site Plan Approval application was submitted to the City of Toronto to construct a 43- and 41-storey high-rise development at 48 Grenoble Drive in North York’s Flemingdon Park neighbourhood.
The development site is located on the northwest corner of Grenoble Drive and Deauville Lane, just east of Don Mills Road and Gateway Boulevard which will be the future home of the planned Flemingdon Park Station on the Ontario Line. The Ontario Science Centre is situated just northwest of the site near Don Mills Road and St Dennis drive. Spanning 1.67 acres, the irregularly-shaped lot is occupied by a nine-storey slab-style rental apartment building with 109 units.
The new development comprises a 43-storey west tower and a 41-storey east tower joined together by a six-storey podium. Rrestrained, light-coloured masonry that responds to Flemingdon Park’s modernist legacy.
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In late March, a rezoning and Site Plan Approval application was submitted to the City of Toronto to construct a 43- and 41-storey high-rise development at 48 Grenoble Drive in North York’s Flemingdon Park neighbourhood.
The development site is located on the northwest corner of Grenoble Drive and Deauville Lane, just east of Don Mills Road and Gateway Boulevard which will be the future home of the planned Flemingdon Park Station on the Ontario Line. The Ontario Science Centre is situated just northwest of the site near Don Mills Road and St Dennis drive. Spanning 1.67 acres, the irregularly-shaped lot is occupied by a nine-storey slab-style rental apartment building with 109 units.
The new development comprises a 43-storey west tower and a 41-storey east tower joined together by a six-storey podium. Rrestrained, light-coloured masonry that responds to Flemingdon Park’s modernist legacy.
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▪️بزودی در اونتاریو خریداران خانه قادر خواهند بود تا قیمت پیشنهادی دیگر خریداران را مشاهده کنند و پروسه موسوم به Blind Bidding یا عدم شفافیت قیمت ها در حین خرید خانه لغو خواهد شد. اما خریداران درصورتی قادر به مشاهده آفر دیگر خریداران خواهند بود که فروشنده اجازه انتشار اطلاعات را به ایجنت خود دهد.
▪️هدف از این امر، کاهش قیمت ملک و ممانعت از فروش ملک به بهای بالاتر از قیمت درخواستی است، اما تحقیقات و تجارب مشابه در دیگر کشورها (مثل آمریکا، نیوزلند، استرالیا و ایرلند) نشان داده شفافیت آفرها موجب افزایش قیمت ملک خواهد شد.
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▪️هدف از این امر، کاهش قیمت ملک و ممانعت از فروش ملک به بهای بالاتر از قیمت درخواستی است، اما تحقیقات و تجارب مشابه در دیگر کشورها (مثل آمریکا، نیوزلند، استرالیا و ایرلند) نشان داده شفافیت آفرها موجب افزایش قیمت ملک خواهد شد.
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Canada’s booming small housing markets could see up to 20% price growth in 2022
The allure of small town living — whether it be cheaper real estate prices or peace and quiet in the outdoors — continues to draw Canadian homebuyers. The demand for properties in smaller communities is creating a boom in local housing markets, a trend that could cause property prices to rise as high as 20 per cent in some areas this year.
All small markets will see prices climb within the average range of three per cent to 20 per cent in 2022 thanks to low inventory and growing demand. Some small communities have already seen their prices jump between 17 per cent to 46 per cent year-over-year within the first business quarter.
Livability in small communities have played a nearly equal role in attracting new residents and home buyers as affordable home prices have. Quality of life factors are drawing many Canadian home buyers to small markets (40 per cent), slightly more than housing affordability (37 per cent).
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The allure of small town living — whether it be cheaper real estate prices or peace and quiet in the outdoors — continues to draw Canadian homebuyers. The demand for properties in smaller communities is creating a boom in local housing markets, a trend that could cause property prices to rise as high as 20 per cent in some areas this year.
All small markets will see prices climb within the average range of three per cent to 20 per cent in 2022 thanks to low inventory and growing demand. Some small communities have already seen their prices jump between 17 per cent to 46 per cent year-over-year within the first business quarter.
Livability in small communities have played a nearly equal role in attracting new residents and home buyers as affordable home prices have. Quality of life factors are drawing many Canadian home buyers to small markets (40 per cent), slightly more than housing affordability (37 per cent).
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Housing Market Snapshot for March 2022
قابل توجه خريداران و فروشندگان محترم خانه:
با يك تيم حرفه ای در زمينه فروش و خريد منزل رویایی شما از ابتدا تا انتها همراه شما هستيم.
خدمات ارائه شده:
- ارائه وام با کمترین نرخ بهره موجود در بازار
First, Second, Third Mortgages
- ارزیابی رایگان منزل شما Home Evaluation
- یافتن منزل رویایی شما با توجه به محل و بودجه
- دستیابی به اطلاعات کامل بازار جهت تصمیم گیری صحیح در هنگام خرید و یا فروش خانه
- خدمات ویژه برای خریداران بار اولی First Time Home Buyer
- خرید خانه برای سرمایه گذاری Investment Property
- تازه واردین به کانادا Newcomers
- غیر ساکنین کانادا Non-Resident
- خدمات بازسازی Renovation
☎️راههای ارتباطی با ما از طریق تلفن، ایمیل، واتس اپ، فیس بوک، اینستاگرام و تلگرام:
+1 (647) 772-9502
hoizady@yahoo.com
وب سایت:
https://www.homelifecimerman.com/Hojjatollah-Izady
فیسبوک:
https://www.facebook.com/Hojjatollah.Izady
اینستاگرام:
https://www.instagram.com/ihoizady/
واتس آپ:
https://wa.me/message/72TR24AJCPDPJ1
لینک تلگرام:
https://t.me/Buy_and_Sell_Property_in_Toronto
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قابل توجه خريداران و فروشندگان محترم خانه:
با يك تيم حرفه ای در زمينه فروش و خريد منزل رویایی شما از ابتدا تا انتها همراه شما هستيم.
خدمات ارائه شده:
- ارائه وام با کمترین نرخ بهره موجود در بازار
First, Second, Third Mortgages
- ارزیابی رایگان منزل شما Home Evaluation
- یافتن منزل رویایی شما با توجه به محل و بودجه
- دستیابی به اطلاعات کامل بازار جهت تصمیم گیری صحیح در هنگام خرید و یا فروش خانه
- خدمات ویژه برای خریداران بار اولی First Time Home Buyer
- خرید خانه برای سرمایه گذاری Investment Property
- تازه واردین به کانادا Newcomers
- غیر ساکنین کانادا Non-Resident
- خدمات بازسازی Renovation
☎️راههای ارتباطی با ما از طریق تلفن، ایمیل، واتس اپ، فیس بوک، اینستاگرام و تلگرام:
+1 (647) 772-9502
hoizady@yahoo.com
وب سایت:
https://www.homelifecimerman.com/Hojjatollah-Izady
فیسبوک:
https://www.facebook.com/Hojjatollah.Izady
اینستاگرام:
https://www.instagram.com/ihoizady/
واتس آپ:
https://wa.me/message/72TR24AJCPDPJ1
لینک تلگرام:
https://t.me/Buy_and_Sell_Property_in_Toronto
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📣𝐓𝐡𝐞 𝐎𝐧𝐭𝐚𝐫𝐢𝐨 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐢𝐬 𝐢𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐢𝐧𝐠 𝐧𝐞𝐰 𝐫𝐞𝐚𝐥 𝐞𝐬𝐭𝐚𝐭𝐞 𝐫𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬 𝐭𝐡𝐚𝐭 𝐰𝐨𝐮𝐥𝐝 𝐚𝐥𝐥𝐨𝐰 𝐡𝐨𝐦𝐞 𝐬𝐞𝐥𝐥𝐞𝐫𝐬 𝐭𝐨 𝐬𝐡𝐚𝐫𝐞 𝐛𝐢𝐝𝐬 𝐨𝐧 𝐭𝐡𝐞𝐢𝐫 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐚𝐧𝐝 𝐝𝐢𝐬𝐜𝐥𝐨𝐬𝐞 𝐭𝐡𝐞 𝐝𝐞𝐭𝐚𝐢𝐥𝐬 𝐨𝐟 𝐜𝐨𝐦𝐩𝐞𝐭𝐢𝐧𝐠 𝐨𝐟𝐟𝐞𝐫𝐬.
✅As the system stands now, individuals looking to put an offer on a home do so blindly, without knowing how much their competitors are offering above the asking price. The new regulation will give sellers the option to "choose an open offer process."
✅"Sellers will no longer be limited to selling their property through a closed or traditional offer system," the Minister of Government and Consumer Affairs Ross Romano said in a statement to CTV News Toronto.
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✅As the system stands now, individuals looking to put an offer on a home do so blindly, without knowing how much their competitors are offering above the asking price. The new regulation will give sellers the option to "choose an open offer process."
✅"Sellers will no longer be limited to selling their property through a closed or traditional offer system," the Minister of Government and Consumer Affairs Ross Romano said in a statement to CTV News Toronto.
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Looking to buy a home or sell your home?
Please contact me for all your real estate needs!
647-772-9502
hoizady@yahoo.com
#greenandgoldgotitsold #homelife #hojjatollahizady #homelifecimerman #torontorealestate #toronto #realestate #torontorealtor #realtor #gtarealestate #realestateagent #realestatetoronto #torontorealestateagent #realtorlife #homeliferealtors #homeliferealtor #FiveStarAgents #realestate
Please contact me for all your real estate needs!
647-772-9502
hoizady@yahoo.com
#greenandgoldgotitsold #homelife #hojjatollahizady #homelifecimerman #torontorealestate #toronto #realestate #torontorealtor #realtor #gtarealestate #realestateagent #realestatetoronto #torontorealestateagent #realtorlife #homeliferealtors #homeliferealtor #FiveStarAgents #realestate