I saw a story this month and thought it would be fun to share some of the content and statistics in my monthly blog. I personally deal with all ages of clients in my day-to-day operations, but by far, the bulk of my business comes from the millennials. Here you go!
Millennials are optimistic about the future, including their homeownership prospects. 78.5 per cent of Canadians ages 18-34 agrees that owning a home that they will love is attainable. In all provinces, they agree that homeownership is attainable, despite price appreciation in cities like Toronto and Vancouver. The survey also found that 81.6 percent of Canadians ages 18-34 agree that finding a good job in their field is attainable, demonstrating overall optimism about their future.
While these millennials are somewhat optimistic about the prospect of homeownership, many of them do expect or require some help in order to make their dreams a reality. Of the ones polled ages 18-34 who are considering buying a home, 37 percent expect help with their down payment from a family member or friend. Of those who are expecting help, 60 percent anticipate that it will come from their parents.
The older generation has seen significant appreciation in the value of their homes, while the younger generation is entering the market at a higher price point which of course means that first-time buyers in higher-priced markets often need a little help, which many parents are in a position to offer.
In other interesting and related news, 68.2 percent of Canadians ages 18-34 agree that saving for a down payment is a priority and 78.4 percent agree that saving for retirement is a priority.
It is quite interesting to note that homeownership is an important milestone that this age group is actively working toward. But what is even more comforting is knowing that the millennials continue to value and aspire to homeownership, and while doing so are not doing it at the expense of other financial considerations, such as retirement savings.