Baby Boomers Keep Buying Condos In Toronto For Their Millennial Kids & Prices Are Going Up
"There’s this trend where older homeowners are cashing out [on their homes], so they can help their children with a downpayment,” said Strata realtor Galina Sheveleva.
The trend is so significant that Strata suggests it might be driving condo values and prices back up after a "year of declines."
The Strata report notes that properties lost about 20% of their value on average after March 2020 and the start of the pandemic, but new data shows the downtown market is sitting at a 3.5% year-over-year increase in April 2021.
In the past 30 days, the company reveals that downtown Toronto saw about 775 condo transactions, with the average price sitting at $812,000.