Millennials + Montréal = a perfect match!
The millennials (sometimes called Generation Y or the Baby Boom Echo generation) are the subject of much talks and debates these days. Indeed, as they begin their professional careers, and as they increase their purchasing power, understanding their lifestyle represents a major challenge. When it comes to housing, this generation also has expectations and preferences, and looking at these more closely tells us that Montréal could be their number one choice in Québec!
The web-based La Presse+ has in fact published a special report on this matter which stated that “with its festivals, its restaurants and its theaters, Montréal has indeed everything to appeal to millennials”. It is true that the urban lifestyle, less dependent on the automobile and friendlier than suburban living is enticing. Furthermore, the trendy, cultural and avant-garde environment of a city with young people from all walks of life matches the aspirations of millennials. In one of her columns, Marie-Claude Lortie also stressed that “the Ys like active transportation, as well as the idea of living in a neighborhood where the density allows social interaction and spontaneity”.
In addition, CBRE Canada, a commercial real estate services and investment firm, which annually provides information and opinions on all major real estate markets, recently announced that “for the first time in decades, Montréal’s downtown is filled with young urban professionals, who are educated and have a very interesting disposable income”. It was also reported in an article published by Journal Métro entitled La génération Y investit le centre-ville, that the population of downtown Montréal has increased by nearly 18.7% from 2010 to 2015, that a further increase of 15.2% over the next five years is expected, and that the majority of these new residents are aged between 24 and 35.
To top it all, Generation Y wants to become home owners according to a recent headline in the Journal de Montréal. “The idea that young people do not want to own their own homes is a myth,” stated Barry Gollom, Vice-President, CIBC Mortgages and Loans. We also learned that no less than 86% of young people aged 18 to 34 consider that home ownership is important to them.
The “match” between Montréal and Generation Y seems to confirm itself … A trend to follow closely!