Millennials dedicated to homeownership
February 21, 2019
Despite current angst in the housing market – with lower sales and starts and flatline price increases – most young Canadians appear determined to achieve homeownership, a national survey shows.
Young families in Canada’s biggest cities believe homes will be a good investment over the next five years, and they are sacrificing to buy, according to the Sotheby’s International Realty Canada study.
Based on a survey of 1,743 families headed by adults aged 20 to 45, the study found that millennials and generation Xers are delaying both retirement savings and paying off credit card and student debt in order to afford homes. Seventy-eight per cent of respondents expect homes to match or outperform other financial investments over the next five years. In Toronto, that number rises to 83 per cent.
The survey, done by Mustel, was conducted online in August and September 2018. A random sample of 1,743 is considered accurate within 2.3 percentage points, 19 times out of 20.