Young adults working to break home ownership expectations
Young adults are working to break the stigma about not owning homes at a young age.
Jacob Boow has heard his generation is facing an uphill battle when it comes to home ownership but doesn't agree.
'You got to get out of that mindset,' said the 22-year-old.
'You gotta work out a plan.'
Boow got into the trades in high school and started making money. At 20, he bought his first house.
'Got that house and I fixed it up. I lived in it for a little over a year, and then I flipped that house,' he said.
'And then once I flipped that house, I was able to purchase a better house for me to be more comfortable in.'
He plans to build equity in that house.
'Now I'm working towards saving up a little bit of money again, so then I can get another house and then get into some passive income so that I can grow what I desire, which would be having generational wealth,' said Boow,
Realtor Rhys Trenhaile said Boow is not alone with more young people getting involved in the real estate market.
'It's a new group. It's a new vibe,' said Trenhaile, who sees some young investors adding an extra unit in the basement to rent out.
'They're getting it done, and they're finding different ways of getting it done, in a way that I didn't see the youth attacking this and getting home ownership, say, five years ago.'
The number of monthly listings is up roughly 10 per cent over this time last year. There are currently about 2,600 listings in Windsor-Essex.
Trenhaile said the number is going up as more baby boomers downsize.
He pointed out wages have increased, housing prices have flat-lined, and interest rates have gone down opening the door to young upstarts.
'That wasn't happening two months ago so now they're getting really busy again,' Trenhaile remarked.
'And to us that's the lead measure as real estate agents, that's a lead measure of about 30 to 60 days to know that we're going to be busy.'
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