Millennials want houses, but many have no savings

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Most millennials want into the housing market, but about half of them have not saved any money.

 

In a recent poll conducted for CIBC, 64% of Canadians between the ages of 18 and 34 indicated that they plan to buy homes and 63% of them expect to do so within the next five years. However, the survey also found that 44% of respondents had not started saving.

 

Biggest challenges

 

Only 16% per cent of Millennials have already purchased a home. Asked about the biggest challenges they face when buying property (they could give more than one answer), 54% said that coming up with the required down payment is the biggest obstacle, 53% were worried about job security and earning enough to afford mortgage payments, while 46% were troubled by rising real estate prices; Millennials in British Columbia were particularly anxious about the latter, with 72% citing increasing property values as a primary concern.

 

Canadians from other demographics are sympathetic to the Millennial plight: 77% of adults across the country say buying a home is more difficult today than it was for previous generations, and 56% believe something should be done to help young Canadians get into the housing market.

 

As published in The Investment & Insurance Journal by Andrew Rickard June 1, 2016  09:27 a.m.

 

If you know a young Canadian that needs help getting into the housing market, introduce them to Four Points Financial Solutions.  We'll help them Arrive with Confidence.