MACKEY & McCORMICK - Facts & Figures August 2024

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Gen Zs and young millennials still believe in home ownership, and they’re willing to make sacrifices to achieve it

Highlights

84% of Canadians aged 18-38 believe that home ownership is a worthwhile investment, led by respondents in Saskatchewan and Manitoba (94%) and Atlantic Canada (93%).
Among those who do not currently own a primary residence, 74% say that home ownership is a priority.
54% of those who prioritize home ownership believe that it is an achievable goal, while 26% are unsure and 20% do not believe it is achievable for them. Respondents in Quebec are the most optimistic, while those in Ontario are the least likely to say it is achievable.
Strong savings and confidence in their career trajectory cited as most common factors driving young people’s belief that home ownership is achievable.
75% of respondents plan to purchase a primary residence in their lifetime; 18% of them say they plan to buy within the next three years.
Nearly half (47%) of respondents who plan to purchase a home say they will not receive any financial assistance from family.

Read the full report here.

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