Real estate: 1 in 4 millennials think they will never own a home

Home prices have fallen over the past few months amid Bank of Canada rate hikes. But despite the market cooling, a new survey found that 25% of Canadian millennials who do not own a home still think they will never own one. increase.

Conducted in June by Leger and commissioned by Royal LePage, the online survey included 2,003 Canadians between the ages of 26 and 41.

Ontario millennials were least likely to envision becoming homeowners, according to a survey, with 31% thinking they would never own a home.In contrast, just 15% of Quebec citizens Only thinks he will never become a homeowner.

However, according to the survey, 68% of millennials who do not own a home say owning a home is important to them. The numbers are higher in big cities, with 74-79% of respondents in Toronto, Montreal, Vancouver and Calgary saying home ownership is a priority.

President Phil Soper said: In a news release issued Wednesday, he said he was the CEO of Royal LePage.

The survey found that of the 60% who said they would one day own a home, just over half said they would have to move to do so.

Toronto had the lowest percentage of millennials who said they would one day own a home in their current city, with just 22% saying they could afford to buy one there. Meanwhile, in Calgary, where housing is considered more affordable, a survey found 47% said they believed they could own a home in their city.

Among those looking to buy a home in the next five years, 41% of millennials said they plan to move to another city or town, a survey found. This is despite 72% of Canadians saying they would stay in their current community if the cost of living wasn’t an issue.

Additionally, 46% of respondents (including 60% of millennials in British Columbia) said they don’t believe their salaries will rise quickly enough to afford a home in their current city. Believe it will.

Soper said these figures underscore the need for a “significant increase in housing supply in Canada.”

“While we are currently seeing a slowdown in market activity, we do expect activity to pick up again, although not at the same speed we saw in 2021 and early 2022,” Soper said in a release.

“With a growing population, largely due to rising levels of immigration and changes in household composition, the return of these sidelined would-be buyers will ensure a balanced market and affordable prices within reach for many Canadians. We will need more available housing stock to help bring back reasonable prices,” he said. Added.

The study also found that working from home has changed home-buying preferences. Of those surveyed, 20% of her Canadian millennials (including 28% in Atlantic Canada) said they would prefer to live outside the city and work entirely remotely.

“Strong real estate demand is no longer concentrated in major centers, but less tolerance for commuting and a desire for more flexibility in time and place are driving homebuyers to larger, more affordable markets. We are expanding to many suburbs and suburbs where we can buy properties for the price, one piece more,” Soper said.

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