Royal LePage releases report that sheds light on millennials’ homeowning trends

Toronto real estate company, Royal LePage has released a report today that has shed some light on millennials’ homeowning trends.

The data released by Royal LePage says 60 per cent of millennials who don’t currently own a home believe they will someday.

President and CEO of Royal LePage, Phil Soper says, “a large number of millennials tell us that they will actually move to and believe they have to move to own a home.” Soper believes the pandemic brought about this change while a large majority of people were working remotely.

The data shared by the real estate company shows that 72 per cent of Canadian millennials, which includes those between the ages of 26 and 41, would choose to live in their current city or town if the cost of living was not an issue. 46 per cent don’t feel as though their salaries will increase enough to buy a place where they currently reside.

CHCH News spoke with millennials in our area today and they say their biggest concern is affordability. They feel as though they just aren’t making enough.

Lou Piriano from the Realtors Association of Hamilton-Burlington says the issue needs to be solved by the government. “We’re having a municipal election in Hamilton. Look closely at what the candidates are saying about how they’re going to improve the speed of improving building permits and opening up land that is necessary.”

Another interesting data point shared today says 68 per cent of millennials across the country feel as though owning a home remains important.