In a recent poll conducted by CIBC, 86 per cent of millennials (ages 18 to 34) stated that they found home ownership important, which is about equal to the percentage of Canadians of all age groups that believe the same. However, 42 per cent of millennials are renting, while 21 per cent are still living with their parents.
“It’s a myth that millennials don’t want to own their own home. In fact, our poll suggests that millennials place as much importance on being a home owner as Canadians in other age groups,” said Barry Gollom, vice president, Mortgages & Lending at CIBC, in a press release. “Home ownership is an important milestone to many, and that hasn’t changed even though it has become increasingly difficult to get into the market.”
Canadians also find it important to save for the future, as 63 per cent of those polled say it makes financial sense to own a home to build equity and save for retirement. However, 59 per cent of millennials want to own because it provides them with a sense of personal freedom.
Some Canadians do not plan to buy a home, as 15 per cent of respondents say home ownership is not important, while 46 per cent of Canadians saying buying a home is too large a financial burden.
The online survey was conducted from March 14 to 15, 2016, among 1,517 randomly-selected Canadian adults that are Angus Reid Forum panelists.