We are now entering the stage of up-and-coming millennials vying for the position of the huge population of baby boomers, who are beginning to use the words retirement plan more often than usual.
“This past year marked the first time that millennials became the largest generation in the Canadian workforce. According to Statistics Canada, millennials account for 36.8 per cent of the workforce, with Gen X at 33.9 per cent, and Baby Boomers at 31.1 per cent.” (Canadian Real Estate Wealth, 2015)
As the younger generation gains access to a larger cash flow, they are able to participate more actively in the investment market. This generation is now as large or larger than the boomer generation for total population. This level of buying power will have major implications to the type of financial products that live or die in the future.
As an up-and-coming community, Spruce Grove is a huge attraction for young families and people looking to live in a strong community, away from the busy city. Jobs are of no shortage for people either. With an abundance of jobs throughout Spruce Grove, Acheson, Stony Plain, and other surrounding areas, the short commute to Edmonton is not necessarily mandatory.
“So far millennials don’t appear to be pushing for flips and quick cash but instead are focused on stable buy-and-hold opportunities. The next generation of real estate investors wants a long-term investment that will provide stable returns in exchange for low levels of risk.” (Canadian Real Estate Wealth, 2015) With this stance on long-term investments, comes the benefit of return on a new building vs. an older one. It goes without saying that the newer building will hold its’ value for much longer than one that has already been worn in.
As the millennial generation continue to enter the investment market, Spruce Grove and the developments within it, will quickly become ideal targets for stable and longterm investments.