Almost Half Of Canadians Aged 25 To 35 Apparently Own A House & No, We're Not Joking
One quarter of these homeowners purchased a property during the pandemic. 🏠
Almost half (48%) of all Canadians between the ages of 25 and 35 currently own their own home, according to a demographic survey from real estate company Royal LePage from earlier this year.
The survey found that among non-homeowners, there is "a strong intention to purchase in the future" (84%), with 68% hoping to get on the property ladder within five years.
The percentage of young people who own their own homes was higher in some provinces, like Alberta (56%), Saskatchewan and Manitoba (53%) and Quebec (50%).
The figures were a little lower in regions like Atlantic Canada (48%) and Ontario (44%).
If you weren't already feeling a little bummed out by this news, you may be surprised to find out that 25% of these homeowners purchased their property during the COVID-19 pandemic.
Experts at the real estate company suggest factors like historically low mortgage rates and smaller competition for entry-level housing contributed to this "unexpected prize for young Canadians" over the last year or so.
However, if you've spent the entire COVID-19 pandemic baking bread rather than saving for property — we feel you!