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 property market investors
If the pandemic has taught the Ontarians anything, having a home with plenty of space to yourself is a huge benefit. Working from home with roommates, spotty WiFi, and no green spaces to relax in at the end of the day can be a strain, but many young millennials and couples may think that tight spaces are their only option.
However, a recent study by Royal LePage found that home ownership actually rose in the 25-35 population group during the pandemic, proving what real estate agents have long said: real estate remains a valuable and achievable investment for to this day young people.
The February poll of Canadians found that 48 percent of 25-35 year olds owned their home and 25 percent of those homeowners bought property during the pandemic.
Wins Lai, an experienced real estate agent in Toronto who works with young professionals to conduct a detailed needs assessment to find the perfect property. Lai is based in Toronto and has his finger on the pulse of the Toronto real estate market. She says the Toronto market was an ideal time to invest in real estate during the pandemic.
“For individuals looking to enter the Toronto market, now is the time. As government restrictions return to normal, I expect demand / prices to accelerate further. This problem is exacerbated by the return to pre-pandemic immigration levels.
Home sales in the Toronto area rose 362 percent in April year over year, according to the Toronto Regional Real Estate Board (TRREB). A total of 13,663 homes were sold in one month, compared to 2,957 in April 2020. Property prices also continue to rise, rising 21.6 percent year over year to a high of $ 1,097,565, according to a market report by TRREB in March.
Lai further emphasizes that now is the time to step into the market, either as a first-time home buyer or as an investment opportunity.
“Real estate is an asset that has proven itself over time. On a risk-adjusted basis, I think the fundamentals are very solid. “Lai says. “Time and again I see the long-term benefits of home ownership, which often turn out to be cross-generational when these assets are passed on.”
For millennials or other young people looking to get into the market, working with a broker is the best way to close a deal, according to Lai. “When you hire this agent, the agent is selling you the information in the market that you don’t have,” she says, referring to details about previous projects on a site, owner information, or a building’s budget.
Lai’s brokerage firm, Living Realty, has over 40 years of real estate experience and a large network of international buyers. So she is well prepared to serve clients listing current properties and looking for a wide variety of buyers.
Visit winslai.com for more information on buying and selling in the Toronto Market.
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