The Royal LePage 2024 Demographic Survey: Next Generation of Buyers includes insights into the realities of home ownership for Canada’s youngest cohort of potential buyers, and their plans to get on the property ladder.
The report highlights that despite chronic housing affordability challenges, Canada’s next generation of homebuyer hopefuls believes that owning real estate remains advantageous as a long-term investment.
“It is not surprising that young buyer hopefuls see immense benefits in home ownership,” said Phil Soper, president and CEO of Royal LePage. “What is both surprising and promising in these findings is the practical and purposeful manner in which these people are tackling affordability barriers. They are well educated on the state of the real estate market and the wide variety of government programs put in place to assist young families find homes. They are hyper-focused on saving for a down payment, which is often the biggest hurdle buyers face. And, they are open to creative solutions, such as shared ownership with friends and family, or buying a property with the express intention of renting a portion of the home to a tenant.”
Key highlights from the national release include:
- 84% of Canadians aged 18-38 believe that home ownership is a worthwhile investment, led by respondents in Saskatchewan and Manitoba (94%) and Atlantic Canada (93%).
- Among those who do not currently own a primary residence, 74% say that home ownership is a priority.
- 54% of those who prioritize home ownership believe that it is an achievable goal, while 26% are unsure and 20% do not believe it is achievable for them. Respondents in Quebec are the most optimistic, while those in Ontario are the least likely to say it is achievable.
- Strong savings and confidence in their career trajectory cited as most common factors driving young people’s belief that home ownership is achievable.
- 75% of respondents plan to purchase a primary residence in their lifetime; 18% of them say they plan to buy within the next three years.
- Nearly half (47%) of respondents who plan to purchase a home say they will not receive any financial assistance from family.
