Mortgage stress tests cut millennials\u2019 homebuying power by $40,000<\/a><\/li>\n<\/ul>\n\u201cThe resilience of home values reflects the strong aspirations of luxury buyers to reside and work in cities that are consistently ranked among the most desirable on the planet,\u201d Soper said in the report.<\/p>\n
According to Soper, this move towards luxury condos represents a change from past generation\u2019s attitudes.<\/p>\n
\u201cPeople looked at condominiums as an entry-level form of housing, and a step down,\u201d he said. \u201cIt was something for people less well-off or earlier in their lives to purchase.\u201d<\/p>\n
Now, Soper said buyers are choosing luxury condos based on their own lifestyle decisions, such as baby boomers downsizing homes after their children move out of the house.<\/p>\n
\u201cThey\u2019ll move somewhere with less maintenance, more amenities,\u201d he said. \u201cMaybe more walking, less driving, that sort of thing.\u201d<\/p>\n
Soper noted over the past decade, baby boomers were not leaving their suburban homes when they expected to. Part of it came from the amount of storage space needed for larger possessions, but a larger factor was millennials staying at home longer than past generations.<\/p>\n
He attributed this to factors such as millennials pursuing more education and delaying marriage for longer periods of time. Now, as millennials have grown up and started leaving in larger numbers, older homeowners have been able to leave their homes and look into options such as luxury condos, Soper said.<\/p>\n
The increased demand has led to more condominium developments outside of major metropolitan areas, Soper said.<\/p>\n
\u201c(Baby boomers) should have been free five or 10 years ago, but they\u2019re finally free now,\u201d he said.<\/p>\n
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Baby boomers should have been free from the family home five or 10 years ago — but they’re finally free now<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8843"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=8843"}],"version-history":[{"count":3,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8843\/revisions"}],"predecessor-version":[{"id":8886,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8843\/revisions\/8886"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=8843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=8843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=8843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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