Millennial’s Want To Be Home Owners (We Are Happy To Help)
The Royal Bank of Canada (RBC) recently completed its annual “Home Ownership Poll”. The poll covers a wide variety of areas relating to the home buying process, home prices, and buyer intention.
Key Highlights
- 32% of Canadians are likely to buy a home in the next two years (up by 7% from last year)
- 50% of millennial (those aged 18 to 34) expressed the strongest desire to buy homes in the near future
- 84% of millennial’s expressed confidence in purchasing a home as a “very good or good investment”
- Millennial’s are also feeling less anxiety about employment (36% vs. 47% in 2017) and less uncertainty about the economy (19% vs. 28% in 2017)
What is they driver in the drive for home ownership? Confidence in the economy and employment.
What Does The Bank Say?
RBC Vice President Nicole Wells offered the following comments: “Canadians continue to feel optimistic about getting into the housing market despite changes in government regulations. They’re taking a more informed journey to home ownership by starting with affordability. With the right tools and a detailed roadmap that navigates the journey, Canadians are better prepared to make one of the biggest decisions – and it’s based on facts, not emotions.”
Interesting Notes
- Furthermore, 35% of Canadians indicated in the poll that they had received, or would be receiving, financial assistance from their families for their down payments
- 36% are planning to do it on their own with a dedicated savings account.
- 61% are very or somewhat concerned about interest rate increases, going up by almost 10% from last year
- 35% are thinking about buying a home sooner because of current low interest rates
- 32% were also thinking of doing so because of a potential increase in interest rates
