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.