Millennial & Gen Z Canadians Are Exploring These ‘Workarounds’ To Actually Buy A House
You better get creative if you want to buy a house!
A new report from RE/MAX proves just how difficult it is for young people to buy a home in Canada these days.
According to the data, one in three (33%) prospective homebuyers in Canada are getting creative and exploring alternative options to get into the real estate market.
Of the Canadians that are looking into alternative buying options, 54% are Millennials and Gen Z. So, what are the "alternative options" they're looking into?
Many people are looking into renting out a portion of their primary residence once they buy. In fact, 21% of people who are exploring alternative options said that was their plan.
Another 13% are considering pooling their money together with friends or family in order to buy. In addition, 7% are looking to live "with like-minded neighbours in a co-op/shared living arrangement."
There also appears to be a lot of young people who are seeking out financing options to try and make buying a home a little more accessible and affordable.