Do Millennials Still See Value in Purchasing a Home?

According to a recent survey by CIBC the majority of Millennials, 86%, still see value in home ownership. They, like generations before, look at it as a good way to build equity and also part of plan for retirement.

"A recent survey conducted by CIBC revealed that a clear majority of Canadian millennials look at home ownership with the same level of esteem as did earlier generations, with fully 86 per cent dispelling the common misconception that youngsters don’t want to have their own homes.

The results came amid seemingly non-stop growth in real estate value in Canada’s most dynamic markets, even as the study found that 21 per cent of millennials still live with parents and 42 per cent are currently renting. Meanwhile, 59 per cent of the 18- to 34-year-old bracket said that having their own homes would attest to their personal freedom.

CIBC officials said that the survey, which randomly polled 1,517 adults on March 14 and 15, showed that Canadians still see home ownership as fulfillment despite weakened purchasing power across the board.

“In fact, our poll suggests that millennials place as much importance on being a home owner as Canadians in other age groups,” vice president of mortgages and lending Barry Gollom told CBC News.

“Home ownership is an important milestone to many, and that hasn't changed even though it has become increasingly difficult to get into the market,” Gollom explained, alluding to the 85 per cent of Canadians (all ages) who see purchasing and owning as crucial concerns.

The CIBC survey further revealed that 63 per cent of those who want to own homes said that building equity and saving for retirement is the best strategy to stay afloat in the long run.

In contrast, 15 per cent of the respondents dismissed home ownership as unimportant, pointing at the issue of affordability as the most important factor that makes buying property in these times unrealistic."


SOURCE < MortgageBrokerNews


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