Millennials want to jump into housing market, but aren’t saving
Posted May 24, 2016 7:53 am.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – Even in Vancouver’s red-hot real estate market, most millennials planning on buying their first home hope to do so within the next five years.
The problem is, many haven’t even started saving for it.
A poll from CIBC suggests two thirds of millennials plan to make the move to home ownership, with 63 per cent of them looking to buy in the next five years. But nearly half (44%) say they have not started to put money aside.
The poll finds a slim majority of future millennial buyers say the biggest obstacle to home ownership is the inability to save enough for a down payment, but other roadblocks include not enough job security to take on mortgage payments and — in BC, especially — the rising price of real estate.
And millennials are apparently getting a sympathetic ear from older generations.
The poll also finds a majority of Canadians say something should be done to help the younger generation enter the housing market and three quarters believe that buying a home is more difficult for young Canadians today than it was for previous generations.
Recent stats from National Bank Financial suggest a down payment in Vancouver requires nearly 107 months of savings, on average, for all housing types.
