Many millennials expect help with downpayment from parents
TORONTO and KELOWNA, BC, April 7, 2016 /CNW/ - Canadian millennials are optimistic about the future, including their homeownership prospects, according to a new poll by RE/MAX. The survey, conducted by Leger, found that 78.5 per cent of Canadians 18-34 agree that owning a home they love is attainable. In all provinces, Canadians overwhelmingly agree that homeownership is attainable, despite price appreciation in cities like Toronto and Vancouver.
The survey also found that 81.6 per cent of Canadians 18-34 agree that finding a good job in their field is attainable, demonstrating overall optimism about their future.
While millennials are optimistic about homeownership, many expect help in order to make their dreams a reality. Of Canadians 18-34 who are considering buying a home, 37 per cent expect help with their downpayment from a family member or friend. Of those who are expecting help, 60 per cent anticipate that it will come from their parents.
"The older generation has seen significant appreciation in the value of their homes, while the younger generation is entering the market at a higher price point," said Gurinder Sandhu, Executive Vice President, RE/MAX INTEGRA Ontario-Atlantic Canada Region. "This means first-time buyers in Canada's higher-priced markets often need a little help, which many parents are in a position to offer."
Unsurprisingly given the higher home prices in these regions, prospective buyers in all age demographics in British Columbia are most likely to expect help, followed by those in Ontario.
The survey also found that when asked about their financial priorities, 68.2 per cent of Canadians 18-34 agree that saving for a downpayment is a priority and 78.4 per cent agree that saving for retirement is a priority.
"We've found that for many young Canadians, homeownership is an important milestone that they are actively working toward," said Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. "Furthermore, while Canadians continue to value and aspire to homeownership, they are not doing so at the expense of other financial considerations, such as retirement savings."
The survey, conducted by Leger, surveyed 1,516 Canadians between Monday, March 28, and Thursday, March, 31, 2016.
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RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence.
Over 100,000 agents provide RE/MAX a global reach of nearly 100 countries.
RE/MAX, LLC, one of the world's leading franchisors of real estate brokerage services, is a wholly-owned subsidiary of RMCO, LLC, which is controlled and managed by RE/MAX Holdings, Inc. (NYSE:RMAX).
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About RE/MAX INTEGRA and RE/MAX INTEGRA, Ontario-Atlantic Canada
RE/MAX INTEGRA, founded in 1980, is a privately held company by Canadian entrepreneurs. With regional headquarters in Toronto, Boston, Minneapolis, Zug, and Vienna, RE/MAX INTEGRA represents nearly a third of all RE/MAX Sales Associates worldwide. The company was founded on the premise of providing outstanding service and support both at the regional level and to the end consumer.
The Ontario-Atlantic Canada region, has surpassed 10,000 quality Associates; The US regions — New England and the Midwest (including the following states: Minnesota, Wisconsin and Indiana) – account for more than 6,500 Associates with over 2,600 and 3,800 Associates respectively; and the European region leads with more than 16,000 Associates. For more information about RE/MAX INTEGRA, visit www.remaxintegra.com.
Leger is the largest Canadian-owned full-service market research firm. An online survey of 1516 Canadians was conducted between Monday, March 28 and Thursday, March, 31, 2016, using LegerWeb. Leger's online panel has more than 475,000 members nationally – with between 10,000 and 20,000 new members added each month, and has a retention rate of 90%. A probability sample of the same size would yield a margin of error of +/- 2.5%, 19 times out of 20.
SOURCE RE/MAX Ontario-Atlantic Canada
For further information: To coordinate interviews, please contact: Rachael Factor, O. 416-645-3660; C. 416-460-5744; E: [email protected]