Canada is home to numerous bustling cities, many of which have evolved to fit the lifestyles of its millennials. When you think of millennial hot spots, cities such as Vancouver or Toronto might spring to mind. However, according to a report released last month by Point2 Homes, the most popular Canadian cities for millennials may come as a surprise.
The study compared 85 cities across Canada and looked at nine of the most important factors for its millennials:
The top three millennial hot spots according to the report are listed below. Read on to discover the average price of a mortgage for each, as well as the benefits each city offers.
Quebec City, Quebec
Taking pole position is Quebec City. It has a lot going for it, with above average incomes, affordable housing, low unemployment and low crime rates. Ideal for those looking to settle down, the city also offers many opportunities for younger millennials. Bursting with boutique cafes and shops, as well as craft breweries and bars, Quebec has plenty of interesting job opportunities and the chance to build your own business.
According to The Canadian Real Estate Association (CREA), the average house price in Quebec City as of January 2018 was $263,531. Assuming you put down a 5% down payment (at $13,177), with an amortization period of 25 years, at a rate of 3.14%, you can expect your mortgage payments to be around $1,251 per month.
With an enviable climate, a high percentage of millennials and low unemployment rate, it’s no wonder Victoria takes the silver. Overall life satisfaction is high, with a wealth of well-paid job opportunities and a healthy work-life balance for the thousands of educated millennials that flock to the city. This forward-thinking hotspot has taken steps towards a fossil-fuel-free future and boasts one of the best cycle networks in the country.
Another look at CREA tells us that the average price of a Victoria home for sale as of January 2018 was $633,400. With a 6.1% down payment coming in at $38,637 and a 25-year amortization period at a rate of 3.04%, typical monthly mortgage payments for Victoria, B.C. come in at around $2,940.
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Guelph is one of the most surprising results from the study, but the bustling city has certainly earned its place in the top 3. Neighbouring Toronto is often touted as one of the best cities for millennials to settle in, but real estate in Toronto is twice as expensive as it is in Guelph. On top of that, the average salary of those living and working in Guelph exceeds the national benchmark and is considerably more attractive than the average Toronto pay packet.
The attractive university centre boasts a low crime rate and a fantastic community spirit. With various arts and crafts communities throughout the city, it’s a great place for creatives, as well as those who enjoy local, hand-crafted produce.
As of January 2018, a home for sale in Guelph had an average price tag of around $412,200, according to CREA. Considering a down payment of 6.1% — around $15,482 — at a rate of 3.04% over a 25-year period, you’d expect to pay $1,913 per month in mortgage payments. On top of that, first time buyers are entitled to a rebate of $4,000 on their land transfer tax.
While the results of the study may appear surprising at first glance, on further inspection it’s clear to see that the top hot spots have more than earned their place. If you’re keen to buy a property in one of these millennial hubs, it’s well worth carrying out some thorough further research. Be sure to take your personal income and your own particular likes and dislikes into consideration.
Check out the analysis of all 85 and see where your city ranks.