Canada has a large Millennial population, making them the largest age group since baby boomers. A Millennial is considered anyone born between 1981 and 1996 and of the 7.3 million Millennials residing in Canada, approximately 3.5 million live in Ontario (as of 2018). Millennials are expected to have an even bigger impact in the housing market as they move on to the next stages of life.
These are the top 5 cities in Ontario where Millennials are choosing to live.
Guelph is widely known for its “hipster” reputation. Lots of vegans and local farm supporters, hip coffee shops and cafés downtown, and almost 30,000 University of Guelph students. The economy is growing rapidly and has remained strong the past couple years and the unemployment rate is at an all-time low of 2.3%. Though the transit system definitely has its ups and downs, Guelph is in a great location if you need to commute to other cities for work. Waterloo is 35-40 minutes away and Toronto is approximately an hour to an hour and a half. Consult a seasoned realtor in Guelph if you want to move to this city.
Ottawa is another great “hipster” location – tons of coffee shops, breweries, local markets, and more. The current average price for a two-storey family home is $435,000, which makes it fairly affordable for young couples looking to move to the area. The employment rate has gone down as well since it is home to large companies and there are always government jobs available. The cost of living is also 13% cheaper than Toronto. Ottawa also has a vast amount of green space for outdoor enthusiasts whether you want to visit a conservation area or one of the city’s beautiful trails, such as the Old Quarry Trail or Pine Grove Trail, and of course in the winter, skating on the infamous Rideau Canal is a must. Talk to tried-and-tested realtors in Ottawa to get more housing market information about the area.
The Waterloo Region holds quite a large millennial population, especially because of the highly reputable universities and large companies like Google. There are must-visit local coffee shops such as Settlement Co. and breweries, like Abe Erb or Grand River Brewing. Though housing prices have been climbing, it is still an affordable city for young couples hoping to relocate. The current average priced home is $518,000 and condos can range anywhere from $250,000 - $550,000. Waterloo is also a great location to commute from if you work in another city. Guelph is approximately 35 minutes away or about 50 minutes to Hamilton. A reliable realtor in Waterloo can help you decide if this is the right place for you.
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The average priced home in Kingston is currently around $335,000, so millennials are finding it easier to purchase their first home in the area. Kingston is in-between Toronto (almost three hours) and Ottawa (two hours) for those looking for day trips, or there is plenty to see and do around town like touring Fort Henry or take a three-hour Heart of the Islands cruise. Kingston is also popularly known for its lakefront cottages too, whether you are looking to buy or rent for a weekend getaway.
Millennials take up almost 28% of Hamilton’s population. McMaster holds a large number of students aged 18-24 because of its excellent reputation. In the 1950s, McMaster held around 1,000 students and now it is home to over 25,000 students who can take reputable business, science and engineering courses. There is plenty to do around the city to keep you entertained, from trying different local coffee roasters, to checking out waterfalls all across Hamilton. There are 100 waterfalls, all of which are just as beautiful as the next and can be seen at many different trails like Chedoke Radial Recreational Trail or Smokey Hollow Waterfall. Remember your camera, for you will want to capture the beauty that comes with each location!
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