According to a new poll commissioned by the Huffington Post Canada has found that the majority of millennials want to buy a home, but are concerned about affordability.
According to the poll. 73 per cent of those who were surveyed and currently live at home or rent want to purchase a home or condo before they reach the age of 31, while 85 per cent feel that it is very important to own a home someday. The older those surveyed, the more the importance of owning a home diminished.
The poll was conducted by Abacus Data. According to Abacus Data CEO David Coletto, “Owning out own home is very important to most millennials in Canada. But higher student debt levels, sky-high housing prices and changes to mortgage rules, make that dream much harder to achieve. What happens when Baby Boomers want to sell their homes to downsize and no one is there to buy them because few have the down payment or mortgage available to buy them?”
Those who were surveyed were between the ages of 18 to 30, with those aged 21 to 23 the most optimistic about buying a home one day. Just more than half of those surveyed (54 per cent) want to live in a comfortable and spacious home, while 46 per cent of those surveyed want to live within walking distance of services. Only a small percentage (24 per cent) of those surveyed want to live in the country, while 42 per cent want to live in a suburb close to a city and 34 per cent want to live downtown in a city.
Check out the poll in full here.