Millennials and Gen Z-ers, in particular, were found to need help on the matter
Almost half of millennial and Gen Z Canadians have said that in order to purchase a home, they’ll need financial assistance from family members, according to a new survey by Zoocasa.
This is compared to just 28% of Gen X-ers and 10% of boomers.
“Anecdotally, working in the GTA with [millennial and Gen Z] clients, the number is nearly all when it comes to who is getting help from the bank of mom and dad,” said Lauren Haw, broker of record and industry relations officer at Zoocasa.
“If not on their move-up purchases, potentially on a first purchase previously … you’re pretty hard-pressed to find millennials or anybody younger that buy their first home and sometimes even their move-up home without help.”
At the same time, while a significant portion of these cohorts have delayed their residential purchases in the current environment, more than half of Canadian millennials actually own a home already.
“It’s really the sentiment of moving up from that condo to maybe a townhouse or a detached house, or those that are looking to still enter the market; it’s a mix of the two,” Haw told BNN Bloomberg.
Canadians are increasingly anxious about buying a home due to a combination of the unpredictable housing market, high home prices, and rising interest rates, a new report from Mortgage Professionals Canada (MPC) has found.https://t.co/ZZ2DHk4ldS
— Canadian Mortgage Professional Magazine (@CMPmagazine) March 9, 2023
Home-buying intentions continue to intensify
Despite mounting costs and the threat of a possible recession, Canadians’ plans to purchase homes persist, according to a consumer pulse report by Dye & Durham Limited.
The proportion of Canadians planning to buy their first homes within the next year doubled from 4% in the past year to 8%, while the number of those looking to buy an investment/income property or secondary/vacation property went up from 5% to 8%.
One in 10 respondents reported that they are planning to sell their primary residence and purchase a new one within the next year, a rate twice as high as that seen in the previous 12 months.
On the other hand, many Canadians are also waiting for purchase prices (24%) and/or interest rates (23%) to drop before buying, Dye & Durham said.
