Owning a home is a priority for 2/3 of Canadians

January 10, 2023
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Owning a home is a priority for 2/3 of Canadians

Owning a home is a priority for 2/3 of Canadians

Despite higher costs and soaring interest rates, homeownership remains a priority for 67% of Canadians.

That percentage is even higher among younger Canadians?—three-quarters (78%) of those between 18 and 34?—according to an online poll conducted by NerdWallet.

The top reason cited by all age groups is that they feel purchasing a home is a good investment (34%). Other reasons for prioritizing a home purchase include:

  • the need for more space (20%)
  • the desire to pass something on to their children (20%)
  • wanting their monthly payments to build equity (19%)
  • because buying a home is how they plan to save for retirement (16%)
  • and because it helps establish roots (14%)

The survey also found that 43% of respondents are looking to buy a property within the next five years.

But many plan to wait on the sidelines for a while longer yet, with just 5% saying they intend to purchase a property in the next 12 months.

Canadians should feel optimistic about purchasing a home, especially if they’re proactive in getting their finances in order before getting started.

The survey was conducted online by The Harris Poll on behalf of NerdWallet from Jan. 5-8, 2023


Written by:

KellyMioBertolo,
Mortgage Agent
Mortgage Alliance 

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