Housing prices have been falling over the past several months amid the Bank of Canada's interest rate hikes. But despite the cooling market, 25 per cent of non-homeowner millennials in Canada still say they believe they will never own a home, according to a new survey.
, conducted by Leger in June and commissioned by Royal LePage, involved 2,003 Canadians between the ages of 26 and 41.
Ontario millennials were the least likely to envision becoming homeowners, according to the survey, with 31 per cent saying they don't believe they’ll ever own a home. In comparison, only 15 per cent of Quebecers think they won’t ever be homeowners.
However, the survey found 68 per cent of non-homeowner millennials said owning a home is important to them. That figure is higher in the big cities, with 74 to 79 per cent of respondents in Toronto, Montreal, Vancouver and Calgary saying they value homeownership.
"While affordability remains a challenge, Canada continues to see strong demand from millennials who, like their parents, see home ownership as a right of passage. The desire to be a homeowner remains strong among Canadians of all ages," said Phil Soper, president and CEO of Royal LePage, in a .
Of the 60 per cent who said they believe they will one day own a home, slightly more than half of these respondents said they would have to relocate in order to do so, according to the survey.
The percentage of millennials who said they believe they will one day own a home in their current city was lowest in Toronto, where only 22 per cent said they think it is possible to buy in the city. Meanwhile in Calgary, where housing is considered more affordable, 47 per cent said they believe they could own a home in their city, according to the survey.
Of those looking to buy a home within the next five years, the survey found 41 per cent of millennials said they plan to relocate to a different city or town. This is despite the fact that 72 per cent of Canadians said they'd rather stay in their current community if cost of living wasn't an issue.
In addition, 46 per cent of respondents -- including 60 per cent of millennials in British Columbia -- said they don’t believe their salary will rise fast enough for them to afford a home in their current city, compared to 35 per cent who believe it will.
Soper says these numbers underscore the need for "a significant increase in the supply of housing in Canada."
"While we are currently seeing a slowdown in market activity … we expect that activity will rise again, although not at the same rate we saw throughout 2021 and early 2022," Soper said in the release.
"The return of these sidelined purchase intenders, a growing population, largely from increased immigration levels, together with household formation changes … will require more available housing stock to ensure a balanced market and to help bring affordability back within reach of many Canadians," he added.
Working from home has also shifted home buying preferences, the survey found. Of those surveyed, 20 per cent of Canadian millennials -- including 28 per cent in Atlantic Canada -- said they prefer to live outside the city and work fully remote.
"Strong real estate demand is no longer concentrated in the major centres, but has expanded to many suburbs and exurbs where homebuyers can purchase larger, more affordable properties, as the tolerance for commuting wanes and the desire to have more flexibility in the hours and location one works increases," said Soper.
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