There has been a lot of talk about housing lately: the impact of regulations such as the “stress test”; the effect on millennials; the level of household debt in Canada and its potential impact on our economy.
Over the past year, the Canadian Real Estate Association commissioned research into housing affordability. We looked at the attitudes of millennials – people between the ages of 18 and 38 – to determine if they shared previous generations’ yearning for home ownership. Recently, we expanded this group to include their parents and new Canadians.
We found out that the vast majority (85 per cent) of millennials and new Canadians want to own their own homes. Six in 10 feel “passionate” about it, which perhaps explains binge-watching of Property Brothers. The research, conducted by Abacus Research, confirmed what our members were seeing in the marketplace – younger people want to own their own homes. They are working hard, earning decent incomes and want to invest in themselves and their surroundings. New Canadians are arriving in our great country with big dreams: to live securely, prosper, raise and educate a family and grow roots here, which includes owning their own piece of Canada. The idea of renting for life does not appeal to either group.