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 AllianceÂ
