Saskatchewan millennials optimistic about home buying
18 Août, 2017, 05:41 | Author: Claudine Rigal
With the benchmark price of a home in Greater Vancouver cracking $1 million for the first time last month, 83 per cent of British Columbians between the ages of 25 to 30 believe they won't be able to purchase property by 2021, according to the Royal LePage Peak Millennial Survey, published today.
"The pent-up demand for housing from millennials is enormous, with only a third of this large demographic now owning a property and an overwhelming majority desiring to be homeowners", Mr. Soper said.
Millennials in BC are feeling squeezed out of the pricey real estate market and concerned that they won't be able to buy a home within the next five years. Most of remaining 15 per cent said they live with their parents or family members.
Most millennials across the country yearned for a traditional standalone home, the survey said, but high housing prices in B.C. are pushing them towards lower-cost options, with 43 per cent looking to buy a condo or townhome.
A new cross-Canada survey suggests that people aged 25 to 30, which makes up the so-called millennials' demographic, have a strong desire for home ownership but believe a number of factors, including limited inventory and high home values, are pricing them out of their dream. "We expect demand from this demographic to put additional pressure on entry-level housing and investment properties being used to supplement the limited inventory of purpose-built rental buildings".
Millennials surveyed in Saskatchewan were more optimistic than the rest of the country when it comes to home prices - half of respondents said they think housing is affordable in the province.
"Many within this age range have adjusted their expectations and have become increasingly open to other property types, provided that they are move-in ready", said LePage, in its release, noting 52 per cent of those surveyed would look to the suburbs when purchasing a property. "By focusing on vertical living, and developing larger, affordable condominiums in urban markets, supply limitations would ease, providing long-term, appealing solutions to young buyers in search of affordable property".
With a budget of $350,000, they typically can find a detached, 1,575-square-foot home with three bedrooms and two bathrooms, the company said.
Three-quarters of respondents said they would use their personal savings for a down payment, while only one quarter said they would seek another source of funding, including help from their parents.
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