Nearly 90% of Young Canadians Want to Invest in Home Ownership!
By Penny on Apr 14, 2014
According to a new RBC online poll of 2,591 Canadians, 86 percent of young Canadians view home ownership as a worthwhile investment.
The 21st annual home ownership poll showed that respondents aged 25 to 34 who value homeownership increased from 78 percent last year, many suggesting that they’re ready to buy! Gaining more confidence this year, the number of people within this demographic who are potential buyers increased from 25 to 41 percent; and though 62 percent are looking to buy with a partner or spouse, 28 percent said they are looking to buy on their own.
“Confidence in these areas indicates that Canadians are more mindful of their finances than in 2013, which directly impacts the ability to afford home ownership. Among those likely to buy a home within the next two years, four in ten will be first-time homebuyers,” says the survey.
So where are Canadians interested in buying? According to the poll, Ontario, Quebec and the Prairies saw the greatest increase in home buyer interest. For Ontario, 24 percent of respondents said they were interested in buying, which in contrast to the 14 percent of buyers from last year, is quite a leap. From 22 percent in 2013, Alberta respondents increased moderately to 28 percent, which is speculated to be in reaction to rising prices in housing in Calgary and Edmonton.
The poll is consistent with the improving Canadian economy, job market and overall reduction of debt amongst young Canadians who have focussed on saving money in order to provide a good down payment for a home, said Erica Nielson, the Vice President of home equity finance for RBC.
Of course this is all great news, since there are plenty of beautiful homes to choose from in and around the GTA, which, coincidentally, made international news recently as the top three real estate hot spots in the world! With so much excitement about the real estate market as of late, where are you looking to buy? Will you invest in home ownership sometime soon? What will you buy?
