Rental Market

rental market: Their impact is expected to be just as profound, if uncertain, as its been on the rental market where the desire among millenials to live close to work has driven up rents , driven down the vacancy rate and fuelled bidding wars for pricey new investor-owned condos clad in granite and stainless steel, according to The Star. Thats because the average age of first-time buyers across the GTA is 37 a number thats remained surprisingly constant over the last decade as house prices have virtually doubled and the bulk of millennials are just 20 to 36 right now and Its likely to be 2016 before the bulk of echo boomers who outnumber their baby boomer parents start packing up their rented downtown condos and moving into the new and resale house market, says the Canada Mortgage and Housing Corporation. Echo boomers now account for half of Toronto's population, but where they've going to end up as they move into parenthood remains the great unknown, according to the Toronto Housing Outlook Conference 2013, held here Tuesday. (www.immigrantscanada.com). As reported in the news.