Are Millennials Realizing Their Homeownership Dreams in Canada?
As a millennial, the goal of owning a home can be rather daunting — with housing prices as high as they are, many young Canadians have resigned themselves to the fact that they won’t be able to afford their ideal home, at least not anytime soon.
But are things really as bleak as they seem?
According to a recent national study, 59 per cent of millennials in Canada (roughly six in 10) have already achieved their homeownership dreams, and among non-owners, 30 per cent of millennials plan on making their first home purchase over the next two years — making millennials the “engine of the real estate market”.
The Financial Fitness and Homeownership Study, commissioned by residential mortgage insurer Genworth Canada, goes on to state that three in 10 home-owning millennials bought their first home or a home that was not their first in the past two years, compared to just 9 per cent of older Canadians.
The study finds that Canadians remain committed to homeownership, and that homeowners are far more likely to say they are in great or good financial fitness compared to non-homeowners.
The annual poll asked 2,000 Canadians about their financial well-being, homeownership intentions and preparedness for the future.
Those who reported that they are in great or good financial shape were:
- 68 per cent of first-time buyers
- 58 per cent of first-time intenders
- 59 per cent of repeat buyers
- 62 per cent of repeat intenders
“It is encouraging to see the high level of financial confidence coming from first-time homebuyers and homeowners,” said Genworth Canada president and CEO Stuart Levings.
A more detailed look at the poll data is shown below:
The poll was conducted with the Canadian Association of Credit Counselling Services.
More information regarding this study can be found at genworth.ca.