How Many Millennials Own Their Home In Canada & Why Is It Important To Them? | The Golfi Real Estate Show

On this week's Niagara edition of The Golfi Real Estate Show, Rob Golfi and iHeart radio host Tim Dennis talk about the major increase in home buyers scheduling walkthroughs compared to last year, comparing how New Zealand's and Canada's housing markets are being cooled down, what the condo markets look like in Niagara and Hamilton, and the percentage of millennials who own a home in Canada, and why they think it's important.

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Hello, Niagara. This is Rob golfi with the Golfi team. Welcome to the Golfi real estate show Niagara edition with host Tim Dennis, and, welcome everybody to another week of talk about real estate and, The way that you can get in on it, take advantage of these incredible deals that people have been getting and, you know, some tips from the expert.

And then that's Rob golfi. I want to start off talking this week about, you sent me a note saying you wanted to talk about the appointment center now put for people who are not in the real estate business. Tell me a little bit, give me a little thumbnail sketch about what the appointment center is.

Well, the appointment center is it's it's, It's it's part of our business where when, another agent calls us and wants to book an appointment on one of our listings. So, our brokerage, has, all the appointments that are with Remax Skirvin and Remax Niagara. So what it is is, is. We CA we take all the appointments and then we dissect it down to figure out what, how many appointments per listing, how many appointments per listing sold.

So, and how many, you know, in how many appointments per day that are happening. So I've got last week's, appointment center results. So from, so February, February 28th to March six. So, Monday I'll get the, the previous week that we're in. So for instance, during that same week of, February 28th of March six, they were a total of 6,296 appointments booked, which is a lot now over last year.

We're 19.7% change over from previous well, first, previous week, but it shows here that for every appointment for every house that's sold. We had 20 to 21.2, appointments for every listing that's sold. The busiest day that we have for booking appointments are on Fridays. So people are, are booking their appointments on Friday to book for Friday, for Saturday and Sunday.

So that's the busiest day. So last year, March 1st to March six, 2020, 2000. 988 appointments were made on that week. This year, March 1st to March six, 5,831 appointments were taken 95.1% increase in appointments year over year. Now, now this is. Now we're, we're looking based D the difference here is last year, the first week of March, there was no PA I mean, there was no pandemic.

There was no talk about shutting down. I mean, maybe there was, well, we, we knew what was happening around the world, but we had no idea how it was going to affect us. That's right. That's right. So, so our S our S March spring, March from versus this year is just gone through the roof. And these are great stats to have.

So for instance, in Niagara, the previous week, the average sale. So this goes in the previous week, is 450 500,000. It was the number one selling price of homes the current week. So the March 1st is six, 450 to 500,000. The second most popular price range was five 50 to 600. And the third most popular again is four 50 to 500,000.

And then the fourth is 250 to 300. Now there's not many houses in that price point in Niagara. Yep. So that's why it's always going to be, down at the bottom totem pole number five, one to $2 million was the, the fifth most popular, homes that were booked. So, what it is is it's a good indicator and it, and this is a good indicator to follow from previous years, we've got the stats on this, going back, I don't know how many years, probably 10 years.

So it's, it's a great way to gauge what's going to happen in the market. Now. I always tell people. I always tell people if you're going to put your house on the market and you know, it's the winter time. And it's like, like it's December and January. Get your house in the market for February. February has been a great month this year.

So far it's been fantastic. March is still, is still rocking. We're starting to find a buyer fatigue a little bit. There's a little bit of buyer fatigue. You gotta be very careful how you set up your, when you're putting your house on the market and how you set it up, remarks wise. And if you're holding offers or not.

But, but yeah, this is a great indicator of, it's what to know. It's, it's, it's good information for, as a realtor and, just to get to gauge what's going on in the marketplace. You've got your heart, you got your pulse on the market, for sure. When you have numbers like this plus other, I have.

Tremendous amount of other stats that we have. So what do you take from this personally, Rob? Is it that, that people are really interested? They're re there's a real appetite out there right now, or do you feel people are still hesitant when you look at these numbers as the real estate guy, what do you take from it?

I take that the market is still hot. When we see the numbers come down and appointments, then we know the market's changing. And we, and we can gauge that by the day. I can gauge that by day. So, so Monday I'll get, I'll get this week's report and I'll be able to see what what's going on. Now. I know what the, I know what's going on in the market.

Cause like we do a fair amount of business. We know if there's a change in the market and I'll tell ya. A couple of weeks ago, Tim, you know how I tell you sometimes that market's changed week by week, a couple of weeks ago, there was a little bit of a shift in the marketplace now and Andy and I, and I realized, you know, what that was, that was a big snowstorm that we had.

So, yeah, so we had remember that snow storm we just had about what was it? Two weeks ago? I got stuck three times. I remember it very well. So, so anyway, there was a shift in the market. So if, if you have. A house that you wanted to put up for sale. It was worth waiting a week to put that house up for sale, but we didn't know what the, well, I mean, we kind of know what the weather's going to be for the next 10 days, but I mean like people were putting their house up for sale.

I'm going to tell those people that put their house up for sale. Through those winter storms, they, probably could have gotten more money. For their house if they waited a week. Wow. So no idea was that volatile. It is that volatile because you know why I know because we had listings and that came up that week and we had listings that came up a week later.

There was a little bit of a difference. I mean, so the serious buyers were still looking. But the other buyer that were looking weren't, weren't getting into those houses because of the storm. So, so there is a shift. So you have to look at all the different aspects. Now the appointment center is a great way to gauge it.

I can go in and call them any day of the week and say, Hey, how was yesterday's appointments? Where are we up or down from the previous year or the last five years? What's what's, what's the call on it? Now the Friday is always the busiest day. So if I can gauge it, knowing how the weekend's going to be. So if we find that, the weekend is going to be slow, I'll just look on Friday's appointment schedule and saying, wow, it's down.

So it looks like it's, you know, sales are going to be a little slower this weekend than they were a previous weekend. So it's, it's, it's, it's a great indicator, and tough to follow. Now, this COVID is put. A wrinkle into the whole system, because now we're not comparing apples to apples. Like last year we didn't have COVID this year.

We do have COVID. So next year we don't have COVID we're going to compare it to a year that did have COVID. So it gets like, we almost need like, like almost like this, we have to erase this. Year match for match apples for apples now, orange to Apple. So that's the hard part about dealing with this COVID and when we're doing this appointment center, so, you know, like we're going to say, yeah, that was COVID.

Yeah, that was, COVID a reason why sales were up because of COVID reasons why, you know, appointments were up. It was because of COVID sales. You know, restaurants were, you know, sales were down because of COVID, you know what I mean? It's just hard to gauge. There was a study done the last. Couple of weeks about some of the best places to move for people who are fed up with the city.

And we've talked about that a lot, moving down the highway, various places, but they listed the top six places in Canada to move to if you're fed up with the city and one of the places. Is here in Niagara, which I guess comes as no great surprise to people in the real estate business, because it's always been a hot market in Niagara, on the Lake.

Why is that? It's just a great place to live. They take a lot of reports. So I was looking at the report. It's a nice little cute little town, and people are getting away from that concrete jungle. And, so they did a survey. And the survey, what they do takes the price growth and mortgage costs in account, as well as economic and quality of life factors.

You know, the growth trends in the many. So it says that Niagara Lake has a population of 18,865 with a growth rate of 1.3%. I think it's a lot faster than that I would imagine. Cause I know, cause I sell real estate net and we're getting a lot of out-of-town people going there. So the average cost of a home now this is th th th this is an article from it.

It's a rate. Rates.ca dot.ca or something like that. It says they're going to Lake. It says, it was a 515,000. I, I think it, I think that's wrong anyway, which grew an annual rate of 32.1%. The survey, notes that an income of $86,848. If you're earning that is required to make a 20% down payment on the air on an average home and narrator on the Lake.

So. Niagara Lake it's hard to gauge average price because there's, high-end home selling a lot, one in the course of two or three months, and then there's not. So it's, it's hard to gauge it. So maybe the, took out anything that was over 1.5 million and did the average sale price. And they probably found out, and that's what it came out to 515, but Niagara Lake is.

Is just a great little town and yet, and it's along the golden horseshoe and you know, you've got wineries, you got hiking, you've got, you've got so much going on. In Niagara, a Lake. I like we just listed a waterfront property on, on a fire, fire lane, 11 a in Niagara Lake. And, it just, people just want to be part of that community.

It's just. Just quaint. It's just certainly not the only one in Niagara though, because, I mean the entire region seems to be a spot for people to leave Toronto too. I mean, I'm looking at this list of the top places in Canada to get out of the city. And there are, you know, three of them in, in BC and in Colona, which to me is very much like Niagara.

I mean, it's, it's a carbon copy of Niagara, except that we don't have mountains, but other than that, it's much the same. And then there's places like. Quebec and Bathurst new Brunswick. But, I would think that you'd throw most of Niagara right into that list along with Niagara on the Lake. Oh, absolutely.

Absolutely. I, you know what? I grew up in Niagara falls and I used to ride my bike everywhere and I was a Niagara in a Lake at least once or twice a week. When I was a kid, especially in the summer, I, I, you know, I remember we used to, I buy my, a Malay or Bianche bikes at Cooper clothes. And, if everybody remembers, I remember it, well, I bought so many skates there over the years.

Yeah. And yeah. And, and Gus there in the back would sharpen my skates. But, but yeah, I would, I, I, I wrote everywhere. In Niagara falls. It Niagara Lake was one of my favorite spots. I can't believe how much I rode my bike, in like going to Niagara on the Lake and going back and going to acquaint everywhere.

Just, just, you know, St David's and everything. I just, I did that. I did that recently and I, and I, wow. I did, I wrote a lot when I was a kid and that was without biking shorts back then, we didn't have helmets. We didn't really care for health. It wasn't mandatory. But, but what I'm saying is that, it's a beautiful city and a lot of people are coming out this way and it.

Is a place of, you know, a lot of, I I'd say, young baby boomers. I say, people in their fifties are starting to move out there and even their forties, if they can work out of their house, they're moving out there. People it's a great place just to walk downtown as a great place to, you know, just, yeah.

Just hang out. It's a great hangout place and that's good. Continue. Long after COVID is done, it's still going to be that issue. And, as we've talked about in past weeks, the idea of moving out of the city is not going to disappear when COVID disappears, because I think people have realized, Hey, I can work from home.

I can work from outside the city and still get the stuff done. So, don't think that this is, you know, th this boom for Niagara is going to disappear just because we get back to normal. Well, no, I know it just it's. It's it's it's just going to be, it's going to be crazy. I'm telling ya. So yeah. Nice buy real estate buy Niagara Lake, or even no matter where Niagara falls or whatever, just, own that piece of property and, and you will not regret it.

Just have somebody help you manage it. That's all. If you want to listen to any of the shows in this series, the golfi real estate show, you can find us online through Spotify, iTunes, Google podcast, whatever your, your particular, platform of choice is just look up the golfi real estate show, follow the button.

So you never miss an episode. And we're going to take a, a little bit of a break here and then come back and talk about some other markets. Canada and otherwise, and we're going to talk about millennials who may find all of these talk about high prices, a little disquiet adding to them because they think, well, what can I do to get into this market?

We'll talk about all of that as we continue with the golfi real estate show after this brief pause right now, and we're back on the Golfi real estate show with Rob golfi of Remax escarpment, the Golfi team, and you can always call them. Or just go online and find them at Rob golfi, G O L F i.com. I'm Tim, Dennis let's.

Let's talk about some other things today in terms of, of real estate, we've talked about hot markets here in Niagara, and we've talked about hot markets across Southern Ontario. I want to take us outside this region a little bit and outside the country because. We're not the only country dealing with this, but we may be looking at it a little differently from other countries like the government of New Zealand, which people always compare it to Canada for a lot of reasons.

They're also having a, a housing boom. And the government there is looking at making it a little harder to get a mortgage. How do you compare what New Zealand is doing to what the bank of Canada or the Canadian government is doing? Mr. Golfing? Well, I think the Canadian government stayed out of this one.

I know a New Zealand is looking at implementing some things to cool down. The, market in, in new, in New Zealand. And I think it's a big mistake. Let it ride out its own course, because they're just gonna cause problems. When once, once they try to change the trajectory of the market, it, it, it changes other things, a lot of other things.

So for instance, In, in, in New Zealand and they're implementing this, I think starting, I think, I think they started some things in March, but maybe burst now, look, I'll look, I'll tough. It, as it is for first-time buyer to buy a house with 5% down there struggling, it's hard enough for them to struggle to come up with 5% down.

Now they're saying that you have to have 20% down. To buy a house in New Zealand starting May 1st. So now, now there's going to be a boom, like you would not believe happening right now before May 1st. It's just now because people can't afford to put 20% down and if they're going to buy a house, they got to do it now.

So who knows what the, you know, like I'm sure there's, there's. You know, chaos going in, in, in, New Zealand. So 20% down is a lot now for investor. They want them to put down 40% down and, and that's becoming a tougher and tougher, for investors. So, so they want to slow it down. They want to make it tougher.

And I don't, I don't know. I th I think they're, they're, they're playing with fire when they're doing that and it, it, it, it, this is great for kids and it's watch to see what happens. So let's say New Zealand, it does work. It slows things down, all of what they do, but I don't think Canada is willing to jump in.

And be the first to, to cause chaos in, in, in the real estate industry or real estate market. I mean the people who, who applaud New Zealand for what they're doing, say that what Canada is doing, what the bank of Canada is doing by holding interest rates steady is just fueling. The, the house prices and, that, that, it's kind of a rate that can't sustain that eventually the bubble will burst.

Well, th th there will be a, a point where it stops, and then when it stops, it stops and it just kind of let it take its own course. Now with New Zealand, what's going to happen is yeah, they're going to slow down. The market there with changing, you know, maybe their interest rates a little bit, you know, putting 40% down for investors 20% down for.

Anybody, that's just purchasing a home to move in themselves first time buyers, but they, they, they're going to have to put it back to the 5% down and 20 investors for 20% down. They're going to have to go back to that. They're just delaying, they're going to stop the market and then they're going to, but it's going to pick back up again, down the road.

So just let it ride its course. Let it, let it, put it in neutral. It'll stop eventually. And then. And let it settle, but there, there, there, I guess it's becoming too, it's, it's, it's becoming too crazy. It is, it is crazy. It's you know, like what are you going to do about that? But, I think it's, it's wrong to interfere with, nature.

What do you think would happen here if they did the, the whole idea that if you're planning to live in your home, You have to have 20% down. If you're planning to buy the place just as an investment property, you have to put 40% down. What do you think would happen to them? It would definitely slow down a lot of the first time buyers.

Definitely. It would definitely change the market. It would. And, and, but how long do you do that for, and it, it just, it's 40% seems like an awful lot of money to put down on an investment property. You just get the wealthier people buying. Now, you just, you get the wealthier people buying and then you just put, you just made the average person or the poor person.

That's just struggling good fall behind the eight ball, even further, even further. So, and they're going to realize that after. So, so for instance, some, some guy that says perfect, we just eliminated. The investor, just, he, we eliminated 50% of the, of the, of the people out there to buy, to compete against.

Well, guess what? That rich guy is going to get richer and, and same thing with the, the, the first time buyer it's. It's going to be only the people that have access to 20% like parents. The first time buyer says, well, the parents are going to give them the 20% down to help them out. But what about the other kids that don't have parents that have the 20% down that is that's going to be the issue, but okay.

Let me, let me play devil's advocate here then. What if I am my wife and I are looking at a house and it we're first-time buyers and we've, we've struggled to put together 20% for a down payment and we've got it. And we've worked hard for that. And we've got a 2.3% interest rate, and then suddenly interest rates go to 4% or 6%, and we can't afford our house anymore.

How big a deal and how big a consideration should that be? It is, it is a big consideration. That's why if you get, an interest, a great interest rate, it's always good to lock in for five years. Okay. Or, or, or go on, what do they call that on variable and then lock in if you think it's going up.

Right now I, I like, and it's hard to tell because a lot of people are moving less than, you know, they say the average person moves every five years. It's becoming less than that. It's like the average person's moving every three and a half years or, and so I would, I would lock in a mortgage at five years.

And, and, and, you know, if you get it at two and a half percent or 2% or whatever, the, the interest rates are and, lock it in, because if it, I dealt it'll double to four and a half. But you just don't know. I mean, I, I grew up in the, when I was in my early twenties, when interest rates were at 13, 14%, remember the, the, the, the nineties, the early nineties, those are like, I mean, those are credit card interest rates.

And, but, but yeah, you're right. If it goes up, it's going to definitely have a major impact. With everybody, you're going to see a lot of people walking away. And I remember back then, like even 2% made a difference of $300 a month. On your mortgage. Yup. You know what I mean? Like, like, like, like when, when it, like, it went up like 2%, you had no choice, your mortgage payment just went from, let's say, let's say it was 1000 to 1300 a month just like overnight.

So it's, it's tough. We're afraid of absolutely. Let's talk about condos for a second. In Toronto, they say the condo market has taken a real kicking because people are moving out. We just talked about that, but what about the condo markets in places like Niagara or in Hamilton? Our condo person in Hamilton Haultain or the Niagara region.

Is different from a person in Toronto, because you think in Toronto, a condo is just in a big high rise building, in Hamilton or in Niagara, a condo could mean something completely different. What's happening with those markets right now, Rob. A lot of, a lot of, what do you call it? Permits that have been applied to build condos, especially in, in the Grimsby area.

And I know there's a, a tower going up in, invite land. And then, and I know there's a low rise going up in, often McCloud road. On cart on Gardner road, low-rise condo going up there and they're they're selling, but, but what's the problem there is that the developers in Niagara are trying to get.

Big dollars per square foot. And, and that's why they're not selling as fast in Niagara as they do in the GTA, or even in Hamilton, even Hamilton's even asking a lot of money for the condos. They're going up, they're slowly going up, but they're not going up at the rate. They, they are on a GTA. They're not, but condos, condos like brand new condos in Niagara.

You're going to see it happening. But like, like the one community that they're building right now in Grimsby, there's a whole condo development. It'd be like a little city, a little city of condos. It's in there by the Casa Blanca, road there, Casa Blanca and the queen Elizabeth way, or you'll see it as you drive by it.

You're going to start seeing a lot of high rises going in there and, and that's going to be a community on its own. And, you'll find that. Millennials like that, it's kind of like a it's, it's kind of like, they got their own little town in there. They got, you know, they don't have, they're not those people that live in that development aren't ever going to go walk downtown Grimsby.

All those people will always be there. So there'll be all the amenities there. You got 50 road, with the Costco there. But, but condos. Yeah, definitely li th th they're they're they're on the rise Niagara is just. Starting to get a lot of developments happening, but, but there isn't that much. If you look up how many condos that sell, like apartment style condos, there's not that much in Niagara, but there's a lot of condo townhouses.

Those kinds of things. If I'm sitting on a condo. Townhouse or a condo, low rise or something. Am I going to have the same experience as somebody selling a house in Niagara or Hamilton right now? Or am I going to get multiple offers and chances are, I'm going to get a lot more than I paid for it. Is that the same with condos or is it lesser?

I absolutely absolutely. The condo and now the newer, condos, townhouse condos. They don't have the full it's basically it's, it's a condo with a condo road. You're still, you're still supposed to do your own roof. The condo corporation may not do that. They're just saying, Hey, we're going to charge you a hundred dollars a month and that's going to.

Clear the snow and, have, the garbage removed and all that kind of stuff from the thing. Cause it, cause you got a parking lot there and, and, but you're responsible for your exterior and interior. Those and those are like with, you know, a con condo, but with a condo road, but you're, it's a freehold with a condo road, the full condos.

They're not billing them as, as, as much as I used to see and where they, you know, if, if the roof needs to be done, the condo corporation takes care of that. And everybody has to have the same color garage door, the same front or those, those are ones that are mandated and managed by a condo. Corporations and they have to be uniform throughout the complex.

They all, those are very popular. Now, when you're, when you're looking at buying those, whatever the condo fees are, you gotta, you gotta, you gotta factor that into place when you're figuring out what your monthly payments are going to be. So you can actually buy a freehold. Condo with maybe a hundred dollars in condo fees versus a full fledged condo condominium.

And they have 150 to $400, a monthly condo fee. So your buying power is less, especially if you're, if you're a first time buyer. So you gotta be very careful when you're looking at at townhouse condos and, and any other type low rise, condo, low rise, apartment condos. Are they popular? Primarily? With people who are downsizing older couples or are people using them as entry level as well now?

Yeah. Very popular it's it's entry level and popular with retirees there. And that's, what's, that's, what's driving the prices up because you got to. Baby boomer population in the millennial population going after the same product. And that's, what's driving that market up. The condom, the townhouse, the townhouse has have gotten to a point where it's, I think it's hit the peak and it's leveling off it.

I mean, so you're not going to see that as much because I mean, if you're not going to pay six, $700,000 for a condo, when you can get the same in a, in a bungalow. Brick 50 year old detached home. Right. So, so eventually that con that townhouse is going to stop and then people will start looking on a detached, but, but definitely that townhouse.

Condo market is as we'll, we'll stop at a point and it's, well, I think we're almost there with that pause for a sec and, come back with much more. You're listening to the golfi real estate show. You can always contact Rob anytime of the day or night during the well, whatever you're thinking about during your moments of thought about real estate, just go to Rob dolphy.com.

That's G O L F i.com. We'll rewrite back with our last segment for this week show. Coming up next. It's the golfi real estate show. I'm Tim, Dennis, but the golfi and the Golfi real estate show is Rob golfi. Who's back with us this week, as we're talking about real estate in right across Southern Ontario, the successes, the stories, the ways that you can get in the tips, the questions, the unknowns, all of that every week.

And of course, if you ever have questions, About this, you can listen to previous shows in this series. You can go to Spotify or iTunes or Google podcast, just type in golfi real estate show and it'll come up and just follow the button. So you don't miss an episode and follow us every week right here. So let's, we were, we were talking about various things happening across Southern Ontario.

We we're talking about things happening outside of Canada, but let's talk about one, the kind of the elephant in the room when it comes to you. Real estate prices right now, everybody's talking about the deck crazy prices, the multiple offers coming in on homes. And how, when you bought a home two or three years ago, that that that's, that home has maybe close to doubled in the last three, four years, as opposed to 10 years in times past.

But what about millennials? What's what's going on because they say that almost half of Canadians between 25 and 35 own their own homes. Does that number surprise you? Are you seeing millennials getting into the home ownership market more than they ever have from. Yes. Absolutely. I didn't realize the numbers were that big, that millennials, own, 48% of the Canadians between 25 and 35 own their own home.

I didn't, I didn't realize it was that large. I knew it was growing. But I know millennials are buying, houses now. They're they want to get into the market. They have extra money in their pocket. You know, because they got nothing else going on, really. I mean, the, the biggest, night, they have right now is takeout, whatever local restaurant, you know, honey, we got pizza, we're going to, let's try some different restaurant at a different pizza place and see how that is.

But, but yeah, it's just that they have excess of cash. So the reason why there's a couple of reasons. So you've got the millennials, I moved it back with their parents, right. They were downtown Toronto. They're getting out. They want to just get out. They don't want to be in that box. That 500 square foot box in downtown Toronto.

And they're moving back home with their parents because of the pandemic. Well, guess what? The parents are also working at home. It's crowded. The parents want to get, they want to get rid of their kid, get out of the house, get your own place. So they, the millennials are buying houses because it's getting crowded where they are if they're living with their parents, because they're, everybody's working out of their house and there's only so many.

Dining room, kitchen tables and, and, and dens in the, in the house that you can work on it. So it becomes a little crowded. So you're finding a lot of millennials, looking at places and I'm surprised. Yeah, 48% is, is huge. And there's a, they're going to keep buying. They're going to keep buying. There's a huge percentage of them.

So that 48% that are buying. Well guess what? They're there? They're influencers, they're friends. They were going to say, you know what? I need to buy a place. Cause my friend's got a place. So, so it's, it's going to be a trend. That's going to, it's going to continue going up and up and up of them buying. Why do they want to buy homes?

Why do millennials want to get into homes? Is it. The Canadian dream, I always wanted to own a home or is it, I think it's a great investment, for my future. Is it a, is it tied to my overall financial plan for my retirement? What reasons are they using? You know what I, I think it is, because everybody's talking about it.

I think it's just kind of, the trend that's happening. You're going to find like 10 years ago. The millennials, the 35 year old millennial, 10 years prior, they didn't even care about buying a house. They just wanted to live life. They wanted to enjoy life. They, you know, buying a house was not on their radar.

It was just like, I, I got a nice place. I'll rent this place and I get to travel. I get to do this. I got my nice car, my nice place. And. And they get to do whatever they want. And, but now, I think just because of the fact, that the way the real estate market is going, people are talking about it. I, I don't even know what, like I like when I was young.

And I like, I, I w I was driven to buy real estate and, and that's just me as a character. So, you know, I cause watching TV, No, they said you can, you know, you can become wealthy, you know, buying real estate. So I would watch it back in the old days, you know, I'd see, I'd be, I'd be watching TV, watching Tom VU, you know, and him on the boat with all this good girl, Robin leach, the homes of the rich and famous.

That's right. That's right. So I was influenced by that. So, and I remember a friend of mine and I still, we still hang out together and we lost, we lost touch, you know, for many, many years. And we reconnected about five years ago and he remembers me saying this when I was 20 years old, got to buy real estate, got to buy real estate.

And I, and I would say that and he, and he goes, are you kidding me? Like, he, he. That wasn't on his radar. He thought I was crazy by saying, buying real estate, but now we reconnect five years. Lay's looking Holy smokes, Rob you're right. He owns, he owns his house, but he doesn't have any other, anything outside his own personal residence, but he realized.

Me talking about this 30 years ago, he was saying, wow, you're right, Rob. Like, like Holy smokes. Like, you know, we both went different paths and you know, and then we reconnected and he, you know, he's looking at Rob you're you're you're bang on, right when St. Buying real estate. And I took all the courses when I was young and I wanted, you know, I was that I was that kid that dreamed a lot, you know, like, you know what, you know, you see somebody driving a nice car or having a nice house or, you know, and, you know, vacations watching the love boat, you know, going on a cruise.

I mean, you only thought that was TV. I mean, back then in the seventies, I don't think you, I don't think anybody knew anybody that went on a cruise. I don't know. I didn't know anybody that did, you know, Tim, I coupled, but it may be want to do it more than anything else, although I didn't think it was even remotely possible.

I have to admit. So, so I think just because of the fact of the media, that's why more millennials are buying. Houses today. And 10 years ago, they didn't care about it. Now they do more so than ever. And now you're finding younger and younger people are wanting to own a home because it, it kind of gives you a different status.

As in that age group. A lot of my son's friends, I'd say they all. So my one son felt fill up. He is 27. And I think pretty well, most of I'd say the ones that he hangs out with very closely. There's about six of those guys, six, they all own a home right now. They all do. So him being a real estate agent, I think pushed it a little bit, you know, knowing, and also the media and the parents and everything else like that.

So let's give on another faction of the real estate business, which we haven't really touched on a lot in the last few weeks. We're getting, you know, there's, the weather begins to get a little better. And we had a couple of really incredibly warm days in the last week. And it got people thinking about spring and summer and stuff.

What about cottage country? How much in terms of second homes and getting a cottage up North, or maybe a cottage just along Lake Siri or Ontario is a part of what you do. When are you seeing a bigger increase in people interested? In a cottage today? Yeah, absolutely. I have a friend of mine. He's moving, he's moving up North, permanently, permanently.

Yeah, he's moving up and he's, he's sold his house. He's waiting for a couple of details here and there. And, he is moving. Up North and, he's looking forward to it and it's, it's sad. Like I'm going to miss the guy because you know, we hang out quite a bit, but, I'm, I'm sure once he's settled in, Northern, I think it will be, I think he's going to be moving in by late summer up there and I'll definitely go make the visit.

But, I think it's like a, I don't know, four hour drive, three and a half, four hour drive to where he's gone. So it's not something it's not like you really got to think about. Oh, I know Mike, my sister is doing exactly the same thing. She's, they're getting a cottage, that they're gonna use for the first, you know, years as just a cottage.

But it's way up in Pembroke, which is like a six hour drive. It's on the Ottawa river, outside Pembroke, and then they're going to move. Permanently up there. And I'm wondering how many, how popular that is becoming, they're moving because they're tired of city life. They, they wanna, they want cottage life and they want it permanently.

Although, wait, wait until the winter is arrived. Oh yeah. But, but the winter, but listen to this, a lot of them are buying cottages, but they're also buying a place in Florida. So. You're selling. So they're selling their house going up North and then, and, and then in the, in the, in the winter time they're going to be staying in Florida.

It breaks up, it'll break up their, their winter, like way up North. I'm telling you, you need something bigger than a snowblower to, you know, to, to snow, to get out of the driveway, especially remotely way up there. But, but that's what they're doing there, you know, and, and some, and I know one guy. He, he was a lawyer.

He's a lawyer. He was a lawyer, retired lawyer, probably for a good 10, 15 years now, maybe more. And I sold his house in, in, in Grimsby and he moved up to the Karratha us for the, for the summer. He kept a little small little cottage style, little house. In Grimsby. And he also has a place in Florida. Now, the only reason he's got the place in Grimsey still is just because to visit it like his family.

So he's got a place to stay. So he's got his cottage up North that it's a year round cottage. And then, and he also goes to Florida. So he's got three homes pretty well. The cheapest one that he has is the one in Grimsby. And, you know, he practically paid nothing for it when he first got it. You know, probably 15 years ago, 20 years ago.

And yeah, so he's enjoying, life. That way. The cottage in Florida, a lot of people are starting to do that, but definitely a lot of people are moving up North permanently. What's happening with the prices of cottages. Are they going the same way as prices in the city? Are you finding that if you want a place in Muskoka, the co worth is you want to go to Peterborough.

You want to go whatever. The cottage prices going up as much as the home prices are going even more, even more because, people want to get away there. It's, it's hard to find a place up North right now. There, there is a percentage of the population that are saying, you know what, here's our time to cash out.

Let's get out because maybe they don't use the cottage enough to make it worth their while to make it. Worthwhile people that own family cottages, like their parents pass it down to them and they're not, they're hanging onto it. And there's a lot of, you know, families that own cottages, like, like, you know, like your parents would pass it down to you sibling sometimes there's, you know, inner fighting.

So it's like, you know, one buys the other one out or whatever. But, or they just sell it completely. But, but yeah, absolutely people were buying it and people aren't buying the cottage. They a want they're buying, whatever is available. And then they're probably going to make a second move a second purchase up there.

And once they're in the groove, they'll start, you know, hopefully find something else up there down the road. But like, it's hard to find anything up, up in cottage country right now. It's very difficult. And are they calling you for that? Are people from downtown Hamilton calling you or people from Fort Erie calling you and saying I would like a property up North, Rob, what can you do for me?

Yeah. We refer them to agents that work in that area live and work in that area. Absolutely. It's, it's the best way because I wouldn't, I wouldn't even know how to navigate like a, you know, like a good realtor up in cottage country knows, the lakes. Well, this Lake has this, like this Lake has, you know, this grass that grows along the shore and this municipality has this many restrictions on what you can and can't do.

You might not know that. Right. Exactly. So you got to make sure, like, if you're buying up in cottage country, you better make sure that agent knows, well, you want to buy on this side of the Lake. You don't want to be on that side of the Lake because this and that. There's so many variables when you're buying a cottage on the Lake.

There's so many variables and you better, like you definitely have to interview agents that know their business up there. Cause if you just. You know, call the first guy and says, Hey, I'll help you out. Find a cottage. You're giving me a lot. You're going to find out once you move in here and say, well, if I known this, I wouldn't have bought this cottage.

So you've got to find a really educated and knowledgeable, realtor up in cottage country because there's way more Villar variables up there than there is, even, you know, buying in any area and Niagara, and they, and even us as local agents in Niagara. I mean, there's certain things that we know that a lot of people don't know, so that helps quite a bit too.

So, but up in cottage country, definitely you better have the knowledge of what you're buying there. If you have questions about real estate, whether it be Niagara, Hamilton, Halton, wherever, and, and you want an answer. Rob is the guy to call or to text or to email Rob. What's the best way to get a question answered right now.

Yeah, you can, go to, questions@golfiteam.com questions@golfteam.com or, just go to Rob golfi.com and you can email us right from there, but definitely, yeah, we're easy to find. Just type in golfi on, on Google and you'll you'll. Find so many things that we have there that you can contact us with, or, or you can call us at (905) 641-0308.

Or just join us here again next week. Same time, same place for more of the golfing real estate show. Thanks Rob. Talk to you next week. Thank you.

The Golfi Real Estate Show

How Many Millennials Own Their Home In Canada & Why Is It Important To Them? | The Golfi Real Estate Show - Niagara Edition (March 13)

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