As sales growth and Liberty Village real estate prices are expected to increase in 2018, there are a number of trends at play that can have both positive and negative consequences, depending on whether you are buying or selling.
Millennials – those born between 1987 and 1993 – are just reaching the home-buying age and some insiders are expecting a significant jump in real estate demand. This trend is referred to as the ‘peak millennial’. Theoretically speaking, this year will be the beginning of an influx of millennial buyers unlike what we’ve seen in the past. As more condo developments are built and more supply is introduced to the Liberty Village market, the neighborhood should be thriving with millennials settling in from all over the city, Canada, and internationally.
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With the regulations that the Ontario government put into place in early 2017, we are seeing a fine opportunity to make a real estate purchase. Throughout the next few years, as Liberty Village sees a new group of millennial buyers come in, it will be interesting to see how the influx of demand affects supply.
Liberty Village is a highly popular destination when it comes to location and millennials are not the only demographic that will be competing for these units. Immigration from across the world continues to fill into Toronto at record numbers. Due to the strong economy and job market here, Canadians from other provinces are also making their way to Toronto, seeking to rent and buy. Millennials looking to buy a condo in Liberty Village are going to have to outcompete these other groups, something which could heat up an already hot, hot real estate market.
A recent Royal LePage Canada-wide survey examining millennials concluded that more than 87% intend to purchase a home at some point in their lives. The truth behind that number however is that, for millennials in Toronto, the dreams of traditional home ownership have been set aside by some. As real estate prices have jumped to sky high prices for detached and semi-detached homes, some millennials have sought investments in condo units instead. Those that have already invested in Liberty Village condos have been rewarded with stronger growth. At a time when certain neighborhoods have seen the bottom fall out, in terms of real estate pricing, Liberty Village has actually thrived!
Needless to say the desire to buy some form of real estate to call their own is strong among millennials. The reality is that first-time buyers have a much lower price point, which encourages searching for a comfortable, luxurious condo in a strong location, instead of buying a pricier detached or semi-detached home.
In areas such as Liberty Village, millennial buyers can find new, luxury condos with dozens of amenities they won’t find elsewhere, which makes buying a condo in Liberty Village and similar neighbourhoods a great opportunity to make a smart investment.
Beyond the work and lifestyle opportunities that exist in Liberty Village, the value in condo investments is high. Toronto overall is seeing its average condo sales price rise by as much as 14% annually. By investing in a condo, for a millennial, they get to retain their initial investment and see it grow in the coming years, likely in big ways.
The Liberty Village community is a neighborhood on the rise and one that is very much still in a state of change. In addition to the condo developments that already stand in Liberty Village, there are hundreds, if not thousands, more planned for the next decade. As more millennials find their way to the west end, communities like Liberty Village are likely to see growth that they’ve never experienced before. There will be opportunities here to make money and have fun, and at a time of ‘peak millennial’, it’s going to make for a bargain that is hard to pass up on. All in all, expect to see thousands more, including predominantly millennials, calling Liberty Village home in the decade to come.
Are you a millennial looking to make Liberty Village your home? Why not have a look at the Liberty Village condos for sale right now?