The Royal LePage Peak Millennial Survey was released to media on August 17, 2017.
Key highlights from the national release include:
- High home values in Canada’s largest urban markets and job uncertainty in other regions mean new strategies and different priorities for ‘peak millennials.’ A term coined to describe the largest cohort of the millennial demographic, ‘peak millennials’ also reflects the impact of their potential purchasing power. Whether this demographic chooses to rent or buy, their sheer volume will put pressure on entry-level homes and rental units.
- Although the desire to own a home is strong among peak millennials, the obstacles they face on the path to homeownership are numerous. The cross-Canada survey conducted by Leger found that 87 per cent of Canadians aged 25 to 30 believe homeownership is a good investment. Yet, while 69 per cent hope to own a home in the next five years, 57 per cent of those surveyed believe they will be able to afford one.
- Over half (52 per cent) of those surveyed would look to the suburbs when purchasing a property. This is especially true when it comes time to raise a family as the supply of new developments and spacious residences are more abundant in these areas. In addition, 61 per cent stated that they would be willing to move to another city or suburb where property is more affordable.