Millennials driving Canada’s hot real estate market
Almost six in 10 Canadian millennials are already homeowners, with more of this age group planning to buy a home in the next two years, according to a Genworth Canada survey released May 7.
As part of its Homeowner Education Week May 7-11, the mortgage insurance company published the results of its nationwide survey of 2,000 Canadian homeowners and renters.
The Financial Fitness and Homeownership Study found that 59 per cent of millennial respondents own a home. That breaks down as 39 per cent owning a home with a mortgage, and a surprising 20 per cent of all millennial respondents owning a home without a mortgage.
Out of the 41 per cent of millennials who don’t yet own a home, 30 per cent plan to buy in the next two years (12 per cent of all millennial respondents). That makes a total of 71 per cent of Canadian millennials who either own a home or are planning to buy one soon. With millennials representing a sizeable cohort as the children of baby-boomers, this age group has become the “engine” of Canada’s real estate market, said Genworth.