How real estate could become the ideal post-pandemic investment for young millennials
Sponsored: Toronto real estate agent Wins Lai shares tips for first-time buyers and new real estate market investors
If the pandemic has taught Ontarians anything, it’s that having a home with space to yourself is a major asset. Working from home with roommates, spotty WiFi and no green space to relax in once the day is done can be a drag, but many young millennials and couples may think cramped quarters are their only option.
However, a recent study from Royal LePage found that home ownership has actually gone up throughout the pandemic among the 25-to-35 demographic, proving what real estate agents have long said – real estate remains a valuable and attainable investment for young people today.
The February survey of Canadians found that 48 per cent of people aged 25 to 35 owned their home, and 25 per cent of those homeowners purchased a property during the pandemic.
Wins Lai, a seasoned real estate broker in Toronto who works with young professionals to conduct a detailed needs analysis to assist in finding that perfect property. Lai is a Toronto resident herself and keeps her finger on the pulse of the Toronto real estate market. She says the Toronto market during the pandemic has been an ideal time for real estate investment.
“For individuals looking to get into the Toronto market, now is the time. As government restrictions return to more normalized levels, I expect demand/prices to further accelerate. This issue will be further exacerbated with a return to pre-pandemic levels of immigration.
In April, Toronto-area home sales were up 362 per cent from the year before, according to the Toronto Regional Real Estate Board (TRREB). A total of 13,663 homes were sold within the month, compared with 2,957 in April 2020. Home prices also continue to rise, increasing 21.6 per cent year-over-year to a high of $1,097,565, according to a March market report from TRREB.
Lai further emphasizes that now is the time to enter the market, either as a first-time home buyer or as an investment opportunity.
“Real estate is an asset that has proven the test of time. On a risk adjusted basis, I feel the fundamentals are very sound.” Lai says. “Time and time again I see the long term benefits of homeownership which often prove to be of multi-generational as these assets are passed down.”
For millennials or other young people looking to get into the market, Lai says working with a realtor is the best way to get a deal. “When you’re hiring that realtor, the realtor is selling you the information on the market that you don’t have,” she says, pointing to details about past projects in a location, builder information or the budget of a building.
Lai’s brokerage, Living Realty has over 40 years of real estate experience and a large network of international buyers, so she’s well prepared to support clients who are listing current properties and looking for a variety of buyers.
Visit winslai.com for more information on buying and selling in the Toronto market.