The dream of owning a home is one that Canadians of all ages and backgrounds have long held dear. And, younger generations are no exception. While achieving this milestone may not be as easy today as it once was, it does remain a priority for many, even if it requires some sacrifice.
According to a Royal LePage survey released today, 60% of millennials in Canada who do not currently own a home believe they will one day. Of them, however, 52% say they would have to relocate in order to achieve this milestone; one their parents seem to have reached with greater ease. 51% of the cohort plan to purchase a home within the next five years – whether their first home, a move-up property or a secondary residence – which means more than 4 million young Canadians will be looking to make a purchase between now and 2027.
“While affordability remains a challenge, Canada continues to see strong demand from millennials who, like their parents, see home ownership as a right of passage. The desire to be a homeowner remains strong among Canadians of all ages. Despite the harsh reality many young people are facing – that buying their first home today is more difficult than it was for their parents – the majority still value home ownership and see it as a long-term investment in their futures,” said Phil Soper, president and CEO, Royal LePage.
- 68% of non-homeowner millennials in Ontario say that home ownership is important to them, and 53% believe they will one day own a home
- In Toronto, 80% of millennials say if the cost of living was not an issue, they would choose to continue living in their current location
- In Ottawa, 54% of millennials who do not currently own a home believe they will one day