Echo Boomers Heading for the Cities after Leaving Home
The children of babyboomers are getting older and are ready to leave home. From 15 to 35, they’re the generation that won’t enjoy the lifestyle and wealth that their parents were lucky enough to have. Many have been living at home and need to move out to their own condo. One estimate is that there are 875,000 echo boomers between 25 and 35 in Toronto and hey need condos for budget reasons and they want to live closer to the city and jobs.
In Toronto, the condo boom is immense with new projects across the Toronto, Mimico, and Mississauga regions. Given the lower price point of condos and a lack of new housing development in Toronto, Montreal, and Vancouver, the Canadian real estate scene is about to be dominated by condo sales. In Toronto, there are bidding wars for available condos. Those who own older homes are now renovating to include separate apartments to rent out. This trend will continue as new housing starts have fallen dramatically.
Learn more about the Echo boomer generation.
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