According to a recent poll, 46% of millennials believe owning a home in their lifetime is a “pipe dream.”
The poll, which was commissioned by the tax advisory firm KPMG, surveyed the attitudes of millennials in an increasingly out-of-reach housing market. It surveyed a total of 2,500 Canadians, 1,000 of whom were 23–38-year-old millennials.
Even though 46% of millennials said homeownership was not in their reach, a majority still wish to own a home – 72% claimed that owning a home was a goal for them.
Among millennials who were already homeowners, 46% said they received financial assistance from their parents.
Housing prices have skyrocketed in cities like Toronto and Vancouver over the past few years, making homeownership increasingly expensive.
Forecasts for 2020 predict a surge in housing prices, with a 3.7% increase in housing prices across the country, and a 6% increase in Toronto.
A significant portion of millennials have little hope that an investment in the housing market will offer a return – 38% think that their homes won’t be worth the same value in the future.