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Millennials holding back on homebuying

April 27, 2016 - Updated: April 27, 2016

"Younger Canadians are in no rush to buy a home, preferring to wait until they have

saved enough to be able to get the home they really want. A survey by BMO found

that although 60 per cent of millennials say they are tired of renting, 70 per cent will

wait until they can afford a home that meets their requirements.


 "More than the intangibles, the return on a home purchase is important to millennials

and they take a thoughtful approach to how their home will fare in the current housing

market. These are all areas where a mortgage specialist can help guide them

through," commented BMO’s director of home financing Damon Knights.


The survey also found that millennials view a home purchase as an investment and

will not be pressured into buying to achieve the Canadian Dream; they are cautious

about buying when prices may impact the return on the investment.


More than a third (38 per cent) are concerned that buying a home will leave them

without disposable income; 31 per cent say paying down debt is a higher priority than

homebuying; just 26 per cent of respondents are planning to buy a home within 2

years."

 

Source: http://www.repmag.ca/market-update/millennials-holding-back-on-homebuying-206395.aspx


Tagged with: first time home buyers toronto real estate canadian real estate millennials bmo renting buying home ownership
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