Despite Challenges, Canada’s Generation Y Still Plan to Own Homes, According to Royal LePage National Survey

TORONTO, ON, March 20, 2013 – Although there are genuine hurdles to owning a home for Canadians, a new Royal LePage Real Estate survey shows that Generation Y (born between 1980 and 1994) and Baby Boomers (born between 1947 and 1966) still strongly desire a house of their own.

The survey conducted by Leger Marketing found that four-in-five (80.9 per cent) of the Generation Y sample indicated that they have plans to move to another primary residence at some point in the future, with significant proportion (39 per cent) stating that they have a move planned at some point in the next two years. Baby Boomers were less interested in moving, with 56.6 per cent stating that they currently have no plans to move to another residence.

“Baby Boomers have built homes for themselves. They are established in their neighbourhoods and their residences have become a place of happiness for family and friends,” said Phil Soper, CEO of Royal LePage Real Estate. “It’s their children that are seeking to create a similar atmosphere of their own, even though new impediments exist for this younger generation.”

While Generation Y is more likely to rent their primary residence at this stage in their lives, they do not see this as desirable long-term solution. An overwhelming 85.7 per cent disagreed with the statement that “I do not desire to own a property in my lifetime as renting is preferable to me,” including 90.5 per cent of Quebecers. British Columbians in the same age group were among the most open to renting, with one-in-five (21.4 per cent) saying they prefer renting over home ownership. Continue...