Toronto’s “tech boom” will fuel the city’s condo market in 2019 (and beyond). This is according to a Condo Chick report which cites the city’s influx of technology jobs and Millennial preferences as key factors behind condo purchases, which accounted for 74% of Toronto’s home purchases in 2018 alone.
What does this mean for the real estate community? According to the report, “peak Millennials” (ages 25 to 35) are flocking to Toronto’s tech sector opportunities in increasing numbers and bringing their habits, desires, and digital inclinations along for the trip. This is giving rise to several trends within the condo real estate market, including:
Social media influences
The National Association of Realtors’ trend report indicated 99% of Millennials have taken their search for a home online, relying on real estate apps and local real estate social media channels to source and compare their options.
“We are finding more and more buyers looking on social media when shopping around,” says Erica Smith, Broker of Record and Co-Founder of Stomp Realty and Condo Chicks. “This trend has been increasingly popular since younger generations are more comfortable with their smartphones.”
For Millennials, it’s not enough to read about their new home. According to Condo Chick’s study, 83% of home buyers want to see pictures of potential properties. In response, more and more condo sellers are using drones to take aerial images and videos of their properties and posting them online via visual platforms like Facebook and Instagram to reach Millennial audiences.
Location, Location, Location
Whether renting or buying, Millennials place a high value on location. Busy Millennials are increasingly drawn to condos within walking distance to life necessities (e.g., work, groceries, services, nightlife, hobbies, etc.), and are using apps like Walk Score that can point them to properties that deliver.
Making local connections
For tech-savvy demographics, accessibility to fast and reliable internet or cable TV service is a significant factor when selecting a condo. As such, many scan websites condo real estate to ensure their preferred service provider is offered and that their service is on par (or better) than the competition.
“Now more than ever, people are looking for fair pricing and hassle-free service that larger providers don’t offer,” says Dan Armstrong, CEO/CTO and Founder of Beanfield Metroconnect, a Toronto-based telecom company.