Royal LePage: 6 out of 10 millennials believe they’ll afford their own home in the future

The recent poll by Royal LePage shows that Canadian millennials are quite optimistic about homeownership, as 6 out of 10 believe they will afford their own home sometime in the future.

The survey of 2,003 Canadians aged 26 to 41 says 68% of non-homeowners consider a house purchase an important life goal.

According to the report, we may see an increase in the number of millennials searching for a property during the next few years. All over Canada, more than four million individuals (51%) are planning to purchase real estate within five years.

“Policy makers need to take into account that between millennial demand, immigration and the rising number of those who could not make a purchase over the last two years, more supply is necessary,” – noted Phil Soper, president and CEO of Royal LePage.

“We may face another wave of prices growth, following this short-term economic softening, when those who were on the sidelines decide to enter the market.”

The poll says 72% of Canadian millennials would want to buy a home in the city the are living now, if the cost of living was not such a big issue.

Those who live in Vancouver (58%), Montreal (54%) and Toronto (48%) are the most worried that their today’s salaries will not grow enough for them to buy real estate in their area.

Another interesting finding is that 40% of millennials would get a new job if it gave them the opportunity of a remote work.

The main factors affecting this idea are reducing commuting costs and time spent in traffic, and the possibility to manage household duties while working not in the office.

“Today, the largest share of our population (and maybe even the most influential) – millennials – are a resilient group who are ready to make the necessary sacrifices in order to buy their own home,” – Soper added.