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CIBC : Myth That Millennials Don’t Want to Own Homes


Under Real Estate

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March 30th, 2016

Anyone wanting to know how millennials feel about homeownership has only to look at the rising numbers of those in that demographic who actually own a home. From 1991 to 2011, the percentage of people aged 25–34 who owned their homes rose all across Canada. Toronto millennials, despite living in one of the most expensive housing markets in the country, were near the top, at about 64%. This was a climb of more than ten percentage points since 1991. The relative growth in ownership rates was roughly the same in most cities, Halifax being the exception. Nationally, the homeownership rate for millennials in 2011 was 62.5%.

Now the results of a new CIBC poll (March 14/15) seem to shatter the “myth” to the contrary and confirm what statistics show : millennials do want to own their own homes. Fully 86% of millennials, a slightly higher percentage than Canadians as a whole (85%) say that homeownership is important to them.

According to Barry Gollom at CIBC, “It’s a myth that millennials don’t want to own their own home.” Like most Canadians, millennials continue to see homeownership as an “important milestone,” and this remains true even though it has become harder for many to get into the market. The fact that 42% of millennials currently rent and 21% still live at home with the parents is a pretty good indicator of just how difficult it is.

“It’s a myth that millennials don’t want to own their own home. In fact our poll suggests that millennials place as much importance on being a home owner as Canadians in other age groups. 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.”

     Myth that millennials don’t want to own homes

Their reasons for wanting to own are much the same as in previous generations. Homeownership is seen as a good financial strategy by the majority. Homeownership  is still seen by the majority of Canadians, including millennials, as a good way to build equity and save for retirement.  Millennials, more than any other age group, view owning a home as an important step on the way to raising a family. They are also more likely to see it as a sign of personal and financial achievement as well as of personal freedom.

CIBC’s basic advice to anyone hoping to buy a home is to plan ahead and get professional advice from a financial advisor or mortgage specialist. Having a clear idea of what one wants—type of home, location, size—will make it easier to focus on the goal. Saving money is, of course, essential for most would-be homeowners. Every dollar matters, says CIBC, and an automatic savings plan with the bank is a good way to make sure those dollars add up.

CIBC : Myth That Millennials Don’t Want to Own Homes by Josephine Nolan | Condo.ca

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