Royal LePage’s Latest Demographic Survey of Canadians aged 25-35
Royal LePage Survey: Nearly half of Canadians aged 25 to 35 own their home; one-quarter of these homeowners have purchased a property since the onset of the COVID-19 pandemic.
52% say remote work has increased the likelihood of moving further from their employer.
- 68% of non-homeowners aged 25 to 35 intend to purchase a home within five years
- 72% of the cohort feels confident in their short-term financial outlook
- 40% of the cohort saw their savings grow since mid-March
- Royal LePage survey includes national, regional, and city-level insights
According to a recent Royal LePage demographic survey, nearly half (48%) of Canadians aged 25 to 35 currently own their home, and 25 percent of these homeowners purchased a property during the pandemic. Among non-homeowners, there is a strong intention to purchase in the future (84%), with 68 percent planning to make the move in the next five years. Sixteen percent say they plan to purchase a property within the year, while 14 percent say they will buy within one to two years, and 39 percent are looking to purchase in two to five years.
“The pandemic provided an unexpected prize for young Canadians — a path to homeownership,” said Phil Soper, president, and CEO, Royal LePage. “Mortgage rates fell to historically low levels and the competition for entry-level housing lessened. Many investors sought to divest of property as traditional renter groups such as foreign students, new immigrants, and short-term renters disappeared behind closed borders.”
Soper noted that much higher than typical demand from this cohort, combined with older homeowners who have been generally more reluctant to put their property on the market during the pandemic, has contributed to a near-crisis shortage of listings in parts of the country.
“Measures necessary to prevent the spread of COVID-19 have motivated many of our younger Canadians to buy, while the health crisis dissuaded many of our older homeowners from selling,” continued Soper. “Some young people living with parents or roommates found their work-from-home environment uncomfortably crowded. Others saw a once-in-a-decade affordability window open on their dream of homeownership. On the other hand, many older homeowners whose homes are adequate for changed employment circumstances to have delayed their desire for a housing upgrade until the medical crisis is under control.”
Confidence in Canadian real estate is strong and despite economic challenges related to the pandemic, Canadians aged 25 to 35 have a healthy personal financial outlook. Ninety-two percent of those surveyed agree that owning a home is a good financial investment. Seventy-two percent are confident in their short-term financial outlook and 78 percent are confident in their long-term financial future. Many (40%) have even seen their savings grow since the onset of the pandemic, and 11 percent saw a significant increase.
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