Millennials optimistic about homeownership

But the pursuit of a mortgage could come at the expense of retirement savings

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Are you between the ages of 18 and 34 and considering your first home purchase? Then you’re probably one of the almost 80% of millennials that are “optimistic” about your homeownership prospects.

According to a new survey, conducted by Leger for Re/Max, 78.% of Canadian millennials “agree that owning a home they love is attainable,” while 81.6% “agree that finding a good job in their field is attainable.”

This optimism is in stark contrast to the doom and gloom offered in the news regarding the ability of first-time homebuyers in being able to afford a home purchase, particularly in Toronto and Vancouver.

This optimism may have something to do with the expectation of family help in the home purchase. According to the survey 37% of millennials considering a home purchase expect help from their parents with the down payment. 

The survey also found that when asked about their financial priorities, 68.2% of millennials agree that saving for a down payment is a priority. At the same time, 78.4% agree that saving for retirement is a priority, suggesting that while Canadians aged 18 to 34 aspire to homeownership, they may be chasing this dream at the expense of other financial considerations.

Read more from Romana King at Home Owner on Facebook »

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