Millennials are the driving force of the real estate market

by Steve Randall08 May 2018

Canada’s millennials are focused on homebuying and their intentions are driving the real estate market.

A new report from mortgage insurer Genworth Canada reveals that 59% of millennials are already homeowners, with 30% having bought a home in the past two years (including first-time buyers and repeat buyers).

That means more than three times as many Canadian millennials bought a home in the last two years as older Canadians (9%).

Among non-homeowners 30% say they intend to buy in the next two years.

Millennial finances appear strong

The National Financial Fitness and Homeownership Study was conducted in association with the Canadian Association of Credit Counselling Services (CACCS) from February 8 – March 27, 2018; and asked several questions about financial well-being and intentions.

Among those who said their finances are in good shape are 68% of first-time buyers; 58% of first-time intenders; 59% of repeat buyers; and 62% of repeat intenders.

"It is encouraging to see the high level of financial confidence coming from first-time homebuyers and homeowners. As a company that is committed to providing financial literacy education to aid those looking to achieve homeownership, these results demonstrate that this segment of Canadians are doing the necessary homework to support their financial future," said Stuart Levings, President and CEO of Genworth Canada.

 

Total

Home-
owner

Non Home-
owner

First-Time
Buyers

First-Time
Intenders

Repeat
Buyers

Repeat
Intenders

Intend
DP<20%

Intend
DP 20%+

Great/good financial shape

53%

60%

38%

68%

58%

59%

62%

59%

69%

 

I am in great financial shape - I have set clear financial goals that I
am well on my way to achieving

14%

17%

7%

19%

14%

17%

16%

17%

15%

 

I am in pretty good shape- I have a general notion of what I want to achieve with my finances, and things are more or less going in the
right direction

39%

43%

30%

50%

44%

43%

46%

42%

54%

I am neither in great shape nor poor shape - I try to save when I can
but I don't seem to be getting ahead

30%

28%

34%

25%

34%

30%

23%

29%

22%

 

My financial fitness is not very good - I know that I haven't been
able to achieve the financial goals that I should have by now

10%

8%

14%

3%

4%

6%

10%

9%

5%

 

My financial fitness is very poor - I feel like I am always falling
behind and/or that I don't know where to turn for help

6%

3%

11%

3%

2%

2%

4%

1%

2%

Very poor/not very good

16%

11%

25%

6%

6%

8%

14%

10%

7%

Don't know/not sure

2%

1%

3%

0%

3%

2%

1%

2%

2%

DP= Down payment

This week Genworth Canada has a series of educational webinars in celebration of their annual Homeownership Education Week event where industry professionals can learn more about this and other topics.

 


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