Burnaby has moved up in its attractiveness for Millennials.
That’s according to a new report by Point2, which looked at the largest 85 Canadian cities and went through nine criteria, including home prices, income, and life satisfaction to calculate how attractive each city is for Millennials.
The same report they did back in 2018 placed Burnaby on the 14th spot, but three years and a global pandemic later, the city is becoming more attractive for Millennials and takes the 11th spot.
Here are the details:
- Of all the cities they looked at, Burnaby boasts the 9th lowest unemployment rate and the 11th biggest share of Millennials in the total population. Home prices and the high percentage of young people with higher education diplomas make Burnaby even more attractive for Millennials;
- Of the Metro Vancouver cities, Burnaby is outranked only by New Westminster (6th place).
- Langley was the least-attractive for Metro Vancouver communities.
"The oldest Millennials are turning 40 this year," said a news release. "This new milestone brings fresh challenges and possibly a new perspective on life for many of the people belonging to one of the most talked-about generations. Some have just started their own families, while many are thinking about buying their own homes or moving to a new city. And while affordable housing, reliable incomes and good healthcare are mainstays, factors such as life satisfaction and climate might also start becoming more important for those Millennials who are looking for the ideal place to call home."
The Real Estate Board of Greater Vancouver (REBGV) reports that in Burnaby, there were 521 homes sold in May between apartments, townhouses and single-detached houses.
That’s down from 655 in April, but up a lot from May 2020’s 160 homes sold. Prices also skyrocketed, with a single-detached house going for $1.8 million compared to $1.4 million in May 2020.
But many of those buyers are Millennials.
