US & Canada
Availability of quality employment opportunities and the affordability of housing are two of the most important factors that attract Canadian millennials to certain metropolitan markets, as pointed out in a study by the real estate portal Point2 Homes.
The report added, however, that “this upbeat generation obsessed with life-work balance is looking for more than just a well-paying job and a nice house. They want engaging leisure activities, opportunities to socialize with other like-minded millennials, eco-friendly resources, and a safe but exciting city where they can thrive.”
The Point2 Homes analysis found that out of the 10 cities considered to be the best for millennials, 7 have less than 500,000 people living in them. Quebec City is the most favourite among millennials because of factors like unemployment rate (the 3rd lowest in the country), healthcare index (the 8th best nationwide), along with affordable housing, above average wages, and low incidence rate of crime.
The city found to be the least tempting place for millennials is Langley Township, BC. This is so because despite the locale not having any problems when it comes to employment, “it also has a high crime rate and a low percentage of millennials living here. And although a home in Langley sells for less than half the average price of a Vancouver property, its housing market is still severely unaffordable, which puts the township at the bottom of the list.”
It is surprising that the country’s largest cities – Toronto, Montreal, Vancouver, Ottawa, and Calgary – could not make it even to the top 5 most desirable housing destinations for members of Generation Y.