According to a recent survey, 51% of current investors and 23% of non-investors plan on buying a residential investment property in the next five years, with those aged 18-34 showing the most interest.
In fact, young investors appear highly committed to real estate. The survey by real estate company Royal LePage says 45% of young real estate investors own more than one investment property, compared to 29% of those aged 35-54.
“Despite the hurdles of low home supply and increased lending rates, young people are more inclined than ever to make real estate investing a part of their financial planning for the future,” says Phil Soper, the firm’s president and CEO.
Even in Toronto, where pre-sale condos are losing money, 73% of investors believe there is opportunity for long-term property value growth.
Real estate investing may appeal to young Canadians because of its potential for greater scheduling flexibility and work-life balance than traditional 9-to-5 jobs – especially if they hire a property manager to handle day-to-day rent collection and maintenance.
3% of these young real estate investors live rent-free with family or friends, meaning it’s possible that they can focus their energy on growing their portfolios.
Regardless of the client’s age, property managers could soon have the opportunity to capture additional and/or larger clients that enter the rental market.
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