Millennials still plan to become homeowners

by Steve Randall29 Mar 2016
Despite a large proportion of young Canadians renting or living with parents, their longer-term goal is to own a home. A new poll from CIBC found that 86 per cent of millennials say that home ownership is important to them although almost two-thirds are either renting (42 per cent) or living with parents (21 per cent.)

"It's a myth that millennials don't want to own their own home. In fact our poll suggests that millennials place as much importance on being a home owner as Canadians in other age groups," says Barry Gollom, Vice President, Mortgages & Lending, CIBC. "Home ownership is an important milestone to many, and that hasn't changed even though it has become increasingly difficult to get into the market."

Among all age groups the main reason for wanting to own a home is the financial sense of buying an appreciating asset which will help them save for retirement and although renting is often seen as offering flexibility, 59 per cent of 18-34 year olds said that owning a home offers them more personal freedom.

The mortgage lender’s survey found that just 15 per cent believe that homeownership is not important with 46 per cent calling it a large financial burden.

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