According to the Toronto Housing Market Analysis report by the Canadian Urban Institute, people currently renting a home in the city will have to wait between 10 and 27 years to save enough money to pay the 10 percent down payment on an average house.
Here, average refers to the median-price homes that were mostly built before 1980, including many which were constructed during the postwar boom of the 60s and 70s. The population of Toronto is expected to grow over 3 million people by 2031. By this time, most of the people who would have enough to buy a home or make a down payment for it will comprise of Millennial’s.
Building Homes with the Millennials in Mind
It’s no secret that majority of the millennials, in Canada and other parts of the world, prefer modern and chic housing over ‘old-looking’ homes that were built before 1980. Unfortunately for the millennials, if things stay as they are today in the next ten years, they will have to be contend with the antique homesthat can be seen virtually everywhere in Toronto at the present time.
To ensure the survival and growth of the housing market in Canada, it is imperative that construction companies in the country build more modern homes in Canada’s financial hub and biggest city; this is needed to attract the thousands of millennial home-buyers who will be ready to buy a home in Toronto in the next five to ten years.
The Advantages of Building More Homes with Modern Designs in Toronto
Perhaps, the biggest reason to build more modern homes in Toronto is attracting millennial home buyers. Many of these modern homes feature ACM cladding material. The ACM cladding material is not only appealing to the eye, but it also has many properties that ensure the home’s longevity. However, this cladding material is not the only reason to have many modern homes in Toronto; they are many more advantages of building more modern homes in Toronto. Following are some of them.
1. Efficient Use of Space
One of the biggest qualities of a modern home construction is that the space inside the home is used as efficiently as possible; this means that the space is used in a way that allows maximum flow of air in the house and minimizes transitional spaces.
2. Maximum Natural Light in the House
Modern homes are designed to ensure maximum natural light in the house. This helps the home owners to keep their energy bills low which can mean a lot of money saved in the long term.
3. Room for Customization
Unlike the old homes in Toronto that were built before 1980, modern homes have a lot of room for customization. This means that homeowners can expand the house or change its look, from both the inside and outside, whenever they wish to.
For millennials in Toronto, choosing a modern home design over the homes built before 1980 is a no brainer. Considering that most of the home buyers in Toronto in the next 5 to 10 years will be millennials, it is recommended to builders that they should focus on building more modern homes in the city. This will work to their advantage.