Canada's millennials still bent on owning homes, even if it means relocating RealEstate Millennials HomeOwner
Millennials are aged 26 to 41. Some 60 per cent of that cohort aim to get out of the rental market, or their parents’ basement, despite some of the highest real-estate prices in the world, the survey said. However, of that group, 52 per cent said they would have to relocate to do it.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Three quarters of millennials said that if housing was more affordable, they would prefer to stay in their current city or town. However, 54 per cent do not believe their salaries will increase at a rate that will allow them to buy a home in their current location.
Some 82 per cent of millennials who do not currently own a home believe they will one day, the highest rate among regions surveyed by Royal LePage; however, 55 per cent of that group said they would have to relocate in order to achieve that milestone.Article content Still, the survey found that just 35 per cent of millennials in the Greater Montreal Area are homeowners, lower than all the other big Canadian cities covered in the survey. The cause could be related to wages, as the average annual income in Montreal — $40,079 — is 15.6-per-cent lower than the national average of $47,487, according to CareerBeacon.com.
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Canada's millennials still bent on owning homes, even if it means relocatingMore than four million young Canadians could be looking to buy a home between now and 2027, Royal LePage survey suggests. Read more.
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Canada's millennials still bent on owning homes, even if it means relocatingMore than four million young Canadians could be looking to buy a home between now and 2027, Royal LePage survey suggests. Read more.
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Canada's millennials still bent on owning homes, even if it means relocatingMore than four million young Canadians could be looking to buy a home between now and 2027, Royal LePage survey suggests. Read more.
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Canada's millennials still bent on owning homes, even if it means relocatingMore than four million young Canadians could be looking to buy a home between now and 2027, Royal LePage survey suggests. Read more.
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Canadian Millennials Are Optimistic(ish) About HomeownershipThere's a caveat with the relatively optimistic sentiment: 52% of respondents say they will have to relocate (whether they want to or not) to become homeowners. Royal_LePage | realestate realestatenews housingmarket cdnpoli
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