According to Napoleon Hill, “procrastination is the bad habit of putting off until the day after tomorrow what should have been done the day before yesterday”. But it’s not procrastination that’s delaying young Canadians from buying their first home. It’s money.
According to the 18th Annual RBC Home Ownership Study, “over half of young Canadians (55%) believe that it makes sense to delay a home purchase until next year, 10 points higher than the national average, and almost half (46%) of younger homeowners admit that their mortgage is using up too much of their income.”
43% of those between the ages of 18-34 intend to buy a home in the next two years, contrasted to the national average of 29%.
23% of younger Canadians say the major concern in home buying is having a large enough down payment. This is perhaps an indicator as to why they are not rushing into then market. They’re taking time to accumulate funds.
Besides money issues, in a more balanced housing market, younger and first time homebuyers are waiting to assess all of their options and do their research before buying a home.
The bulk of those young homebuyers, according to this survey, are looking online for real estate advice: 55% of those surveyed, in fact. They are also getting advice on real estate from family (48%) and friends (35%).
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