Young Canadians Prioritize Homeownership Despite Affordability Challenges

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A recent survey reveals that despite affordability challenges, younger Canadians are committed to homeownership by curbing their spending and focusing on credit building. According to the findings, a significant 84% of Canadians aged 18-38 see owning a home as a valuable investment, with 74% of non-homeowners prioritizing this goal.

The survey highlights that among those aiming for homeownership, 54% believe it is attainable, while 26% are uncertain and 20% think it is out of reach. Regional differences are notable, with Ontarians being less optimistic about achieving homeownership compared to Quebecers. The survey indicates that many young Canadians are taking proactive steps to overcome affordability barriers. They are well-informed about the real estate market and available government programs, and are actively saving for down payments, a major hurdle. Additionally, they are exploring creative solutions like shared ownership or renting part of their home to a tenant. Nearly half of the respondents planning to buy a home are saving a portion of their income regularly, while others are paying off loans and bills diligently to maintain a good credit rating.

The survey also shows that younger Canadians are making significant sacrifices to achieve homeownership. Many are delaying major life milestones such as further education and retirement savings to prioritize saving for a down payment. These sacrifices highlight the broader issue of the housing supply crisis, affecting the financial security and well-being of young people in the nation.

Read the full article on: BNN Bloomberg