{"id":1787,"date":"2016-04-29T10:10:39","date_gmt":"2016-04-29T17:10:39","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1787"},"modified":"2016-04-29T09:27:15","modified_gmt":"2016-04-29T16:27:15","slug":"bmo-canadian-housing-market-wont-wait-for-cautious-millennials","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/04\/bmo-canadian-housing-market-wont-wait-for-cautious-millennials\/","title":{"rendered":"BMO : Canadian Housing Market Won\u2019t Wait for Cautious Millennials"},"content":{"rendered":"<p style=\"text-align: justify;\"><em><strong>Buy or rent?<\/strong> <\/em>According to a Bank of Montreal (BMO) report published this week, the answer is rent for most Canadian Millennials.<\/p>\n<p style=\"text-align: justify;\">While 60 per cent of those surveyed said they are tired of paying rent, and 89% believe there is value in home ownership, 70% plan to put off buying until they can get what they \u201creally want\u201d in a home.<\/p>\n<p style=\"text-align: justify;\">For many Millennials, defined by BMO as those between the ages of 19 and 35, making a good investment is a priority. Over two-thirds are concerned about buying a home and then finding something wrong with it, or about purchasing property and seeing it drop in value.<\/p>\n<p style=\"text-align: justify;\">Damon Knights, director of home financing at BMO, explained that these worries reflect the fact that most Millennials in Canada see buying a home as an investment decision rather than achieving a milestone. \u201cOur young clientele are savvy and mindful of how their investments will grow, and this holds true when it comes to real estate,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">Only 26% of respondents identified themselves as \u201cvery likely\u201d to buy within the next year, while 66% said that other goals outweigh their desire to own a home. For example, 42% would prioritize travelling, going back to school or starting a business over home ownership, while 31% would rather pay off debt.<\/p>\n<p style=\"text-align: justify;\">And while Knights commended young homebuyers for not entering the market before they are ready, he cautioned that they should not wait too long to do so. \u201c[A]s they sit on the sidelines, they need to be mindful that the market is not waiting for them,\u201d he said, pointing out that if housing prices continue to rise, the amount of money required for a down payment will only increase.<\/p>\n<p style=\"text-align: justify;\">The survey of 2,079 Canadian Millennials was conducted by Pollara on behalf of BMO between March 14th and 17th, 2016. BMO\u2019s report on the results is titled \u201cBank of Montreal Millennial Home Buyer Report.\u201d<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/04\/bmo-canadian-millennials-housing-market.html\" target=\"_blank\">BMO : Canadian Housing Market Won\u2019t Wait for Cautious Millennials<\/a> by Charlotte McLeod | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buy or rent? According to a Bank of Montreal (BMO) report published this week, the answer is rent for most Canadian Millennials. While 60 per cent of those surveyed said &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/bmo-canadian-housing-market-wont-wait-for-cautious-millennials\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-1787","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BMO : Canadian Housing Market Won\u2019t Wait for Cautious Millennials &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/bmo-canadian-housing-market-wont-wait-for-cautious-millennials\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BMO : Canadian Housing Market Won\u2019t Wait for Cautious Millennials &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Buy or rent? 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