Staff
Two thirds (64%) of millennials plan to make the move to home ownership, but 44% say they have not started to save, finds a poll by CIBC.
Faced with financial challenges, 54% of future millennial buyers say coming up with the required down payment is the biggest obstacle to home ownership. Meanwhile, approximately half are concerned that job security and rising real estate prices (46%) will impact their ability to buy.
Read: Canadians struggling to pay bills as housing costs rise
Here are some additional findings.
- 16% of Canadians aged 18-34 have already bought a home.
- 45% say managing competing financial priorities, such as paying down debt, is another roadblock to home ownership.
- 77% of Canadians say buying a home today is more difficult for young Canadians than it was for previous generations.