Millennials In Calgary Are More Prepared To Buy A House Than Canadians in Other Cities

A new survey found that millennials in Calgary are far more likely to think they can afford to buy their own home than in any other major Canadian city.

According to research from Royal LePage, two-thirds (66%) of millennials in Calgary believe they'll own a home one day. Based on this, Calgarians are a lot more optimistic (or just financially prepared) compared to those of a similar age group in cities like Vancouver or Toronto.

Of those who are planning to buy a home, almost half (47%) said they plan to stay in the city, compared to 34% in Vancouver and 22% in Toronto.

Calgarians were also some of the least likely to plan on relocating to make their home ownership dreams come true, with just 19% who would consider moving.

By comparison, 35% of people in Vancouver and 37% of Torontonians said they would need to move to different areas to buy a home.

Doug Cabral, sales representative of Royal LePage Benchmark, said first-time buyers in Calgary "feel more confident" in their ability to enter the housing market.

“Although owning a detached property is the ultimate goal for many, a condominium has become a more attractive option as it is a more affordable product and an effective way to build equity," he said.

In addition to those looking to buy a home, Calgary also had the highest rate of millennials who already own a home at 68%.

While 70% of respondents said that they would stay in Calgary if the cost of living weren't an issue for them, 44% did admit that they didn't believe their salaries would increase at a rate that would allow them to buy a home in their current location.

Cabral added Calgary's relative affordability compared to other major Canadian cities has offered more opportunities for young buyers.

“Communities located outside the city centre remain within a comfortable commuting distance to the core, allowing those who have shifted to remote, or even hybrid work models, the opportunity to make a purchase based on a property’s potential value in the future, rather than necessarily having to live close to the city centre,” said Cabral.

“I would advise young buyers not to hesitate if they are looking to enter the market, and to focus on long-term growth potential, rather than finding the perfect home as their first purchase. An attempt to time the market is rarely fruitful," Cabral added.

Albertan cities have already been found to have some of the most affordable housing in the world so if you're thinking about property, maybe Calgary is the place to be.

This article's cover image was used for illustrative purposes only.