Millennials take mortgages very seriously

TRACY HANES, SPECIAL TO THE GLOBE AND MAIL

At 22 years of age, Victor Godinho has become a homeowner. He purchased a two-bedroom, 750-square-foot unit at Ten88, a new townhouse condominium under construction in Toronto.

While others his age were spending their disposable income on nights out on the town or at the mall, Mr. Godinho was watching his spending, living in his parents’ home and saving for a down payment. He’s not alone – for many millennials, also known as Generation Y, those born between 1980 and 1995, home ownership is a priority.

Last year, the Canada Mortgage and Housing Corp. held seminars that identified this age group as a growing opportunity for the Ontario housing market. While millennials accounted for 15 per cent of home ownership demand in Ontario in 2012, by 2016 they will own about 35 per cent of the province’s homes. Toronto is a hotbed of millennials, who account for about half of the downtown population.

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