Millennials the engine of the real estate market
By NextHome Staff
July 24, 2018
July 24, 2018
According to a national study commissioned by Genworth Canada, six in 10 (59 per cent) millennials have already achieved their homeownership dreams. Among those who own their homes, three in 10 (30 per cent) millennials bought their first home or a home that was not their first in the past two years, compared to just 9 per cent of older Canadians. And over the next two years, among non-owners another 30 per cent of millennials plan on making their first home purchase, making them the engine of the real estate market.The annual poll, completed in conjunction with the Canadian Association of Credit Counselling Services (CACCS) from February 8 to March 27, asked 2,000 Canadians questions about their financial well-being, homeownership intentions and preparedness for the future.The national Financial Fitness and Homeownership Study shows that Canadians remain committed to homeownership and those who own a home have better financial outcomes than those who do not. Homeowners are far more likely to say they are in great/good financial fitness versus non-homeowners. Heres the breakdown of those who say they are in great/good financial shape:
- 68 per cent of first-time buyers;
- 58 per cent of first-time intenders;
- 59 per cent of repeat buyers;
- 62 per cent of repeat intenders.