According to experts at a recent Calgary conference, it appears that millennials are leading the charge in the movement for affordable housing. The generation born between 1982 and 2004 has a great deal of buying power in Alberta and the rest of the country, with over three million now in the age bracket between 25 and 30. With less of this demographic purchasing residential real estate than in previous years, experts are looking to better understand their patterns, needs and financial situations.
Millennials are at the forefront of housing experts' minds as they increasingly overtake baby boomers in voting and buying power. By the next federal election in 2019, there will be more millennials of voting age than baby boomers. According to market research, 51 percent of Canadians in the 18 to 25 age group feel that affordable housing should be a priority for the federal government.
In Alberta, 32 percent of people between 25 and 30 didn't qualify for a mortgage at all, while 50 percent did not believe they would be able to buy a home in the next five years. This is a higher number than any other province. Experts say that job insecurity, student debt and higher living costs are among the reasons for this shift.
In Alberta, recent economic challenges are also a factor in the residential real estate market for young people. Policy, light subsidies or other affordable housing solutions may help younger people purchase houses like their parents did. Those who have legal questions regarding the purchase of a home in today's market should contact an attorney whose law practice is focused on solving real estate issues.
Source: The Globe and Mail, "Millennials' demand for affordability driving housing agenda", Sharon Crowther, Nov. 23, 2017