Now Creative Group September 6, 2017 No Comments

Can millennials afford to buy a home? And do they believe they ever will? A recent study conducted by Leger Marketing from real estate firm Royal LePage says yes, if they live in Atlantic Canada.

According to the online survey of 1,000 Canadians aged 25-30, 69 per cent of those surveyed in the east coast agreed with the statement “I believe I will be able to purchase a home in the next five years,” compared to 57 per cent nationwide.

This is not surprising considering the average price of any home in Moncton is just $181,361, compared to compared to $472,798 in Calgary, $843,590 in Toronto and $1,385,431 in Vancouver.

The numbers for those who agreed they could afford a home in five years were 59 per cent in Quebec and Ontario, 56 per cent in British Columbia, 50 per cent in Alberta and 51 per cent in Manitoba and Saskatchewan.

One surprising discovery from this survey is that six in 10 who were surveyed agreed that they would be willing to move to another city or suburb where property is more affordable. With the 9-5 work day in flux, more and more workplaces are adapting to remote working. This change in the workplace coincides well with these numbers.

The hurdles to owning a home can be overwhelming – but this only further enforces the importance of financial preparedness and planning. With the ever-changing housing market in Toronto, millennials will have to decide whether staying in Toronto or realizing their home ownership dreams take precedence.

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