Looking to buy your first house? According to a new study by RE/MAX, the good news is Canadian millennials are optimistic about purchasing their first home. In the majority of provinces, Canadians agree that home ownership is obtainable, despite high housing prices in Canadian cities such as Toronto and Vancouver.
The RE/MAX Study
So if you thought that you would be renting an apartment with roommates for the rest of your life, have no fear! If you have help from your family and friends, then it”ll be possible to buy your first house.
Here are the facts of the RE/MAX study:
- 78.5% of Canadians between the ages of 18-34, agree that owning a home they love is possible.
- While millennials are confident about purchasing their first home, many expect help in order to make their dreams a reality. 37% expect help with their down payment from a family member or friend.
- 60% expect help will come from their parents.
- 68.2% of Canadians between the ages of 18-34 agree that saving for a down payment is a priority.
- 78.4% agree that saving for the retirement years is important.
- 81.6% of Canadians between the ages of 18-34 agree that finding a good job in their field is possible.
Parents helping their kids with a down payment isn’t anything new. According to Gurinder Sandhu, Executive Vice President, RE/MAX INTEGRA Ontario-Atlantic Region, “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. This means first-time buyers in Canada’s higher-priced markets often need a little help, which many parents are in a position to offer.”
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