Canada news about millenuals choosing.to rent iver buying
A very timely and relevant topic! Here are some recent news articles and statistics about millennials in Canada choosing to rent over buying:
Why millennials are choosing to rent over buy:
- A 2020 survey by the Canadian Real Estate Association (CREA) found that 62% of millennials (born between 1981 and 1996) prefer to rent over buying a home. (Source: CREA)
- A 2019 report by the Bank of Montreal (BMO) found that 55% of millennials in Canada are choosing to rent due to concerns about affordability, debt, and uncertainty about their future. (Source: BMO)
- A 2018 survey by the Canadian Broadcasting Corporation (CBC) found that 71% of millennials in Toronto and Vancouver, two of Canada's most expensive cities, are renting due to affordability concerns. (Source: CBC)
Reasons for renting over buying:
- Affordability: Many millennials are struggling to save for a down payment and are finding it difficult to afford the high prices of homes in popular cities like Toronto and Vancouver.
- Flexibility: Renting allows millennials to move more easily for work or personal reasons, without being tied to a specific location.
- Lifestyle: Some millennials prefer the flexibility and freedom that comes with renting, allowing them to travel, pursue hobbies, or focus on their careers without the burden of homeownership.
- Debt: Many millennials are carrying high levels of student debt and are hesitant to take on additional debt to purchase a home.
Cities where renting is more popular:
- Toronto: A 2020 survey by the Toronto Real Estate Board found that 64% of millennials in Toronto are renting, with 44% citing affordability as the main reason. (Source: TREB)
- Vancouver: A 2019 survey by the Real Estate Board of Greater Vancouver found that 71% of millennials in Vancouver are renting, with 55% citing affordability as the main reason. (Source: REBGV)
- Montreal: A 2020 survey by the Quebec Federation of Real Estate Boards found that 45% of millennials in Montreal are renting, with 35% citing affordability as the main reason. (Source: QFREB)
Government initiatives to support homeownership:
- The Canadian government has introduced several initiatives to support homeownership, including the First-Time Home Buyer Incentive, which provides a shared equity mortgage to first-time homebuyers.
- Some provinces, such as British Columbia and Ontario, have introduced programs to help first-time homebuyers with down payments and closing costs.
Overall, the trend of millennials choosing to rent over buy in Canada is driven by affordability concerns, flexibility, and lifestyle preferences. However, government initiatives and programs are aimed at supporting homeownership and making it more accessible to this demographic.