Even as housing prices drop in many of the hottest Canadian real estate markets, millennials’ hopes of ever owning a home remain low. In fact, according to a new Royal LePage survey, 25 per cent of those aged 26 to 41 still believe they will never own their own home.
What’s more, those millennials who call Ontario home were even less optimistic about homeownership than those in the rest of the country, with close to one-third (31 per cent) believing ownership is beyond their reach. By contrast, only 15 per cent of millennials in Quebec have the same outlook.
Interestingly, close to 70 per cent of respondents who don’t currently own a home felt that home ownership was important to them. That figure is even higher in big cities, reaching 74 to 79 per cent in Toronto, Montreal, Vancouver and Calgary.
Even the 60 per cent who do see home ownership as a possibility in their future admit that they would have to move in order to achieve this. Of these, 72 per cent would prefer to stay where they are — if cost of living wasn’t an issue.
The number of those who felt they would be able to afford a home in their home city was lowest in Toronto, where just over a fifth (22 per cent) think they will be able to afford a home. In Calgary, where many feel that housing is more affordable, that numbers indicated more optimism at closer to half (47 per cent).
These numbers all underscore the need for affordable housing, and enough supply to meet the demand. While the market is currently cooling, Phil Soper, president and CEO of Royal LePage, shared in a release other pressures will continue to fuel demand.
“The return of these sidelined purchase intenders, a growing population, largely from increased immigration levels, together with household formation changes … will require more available housing stock to ensure a balanced market and to help bring affordability back within reach of many Canadians,” he added.