April 10, 2011
The Royal Bank of Canada’s 18th Annual Homeownership Study, published recently, has found a few interesting facts and stats related to young homeowners.
On one hand RBC’s poll found that 43 percent of younger Canadians (18-34) are looking to buy a home in the next two years (compared to a national average of 29 percent) but on the other, over half of that same demographic (55 percent) think it wise to wait until next year to actually do the deed.
Further, 46 percent of young Canadians admit that their mortgage is using up too much of their income.
Its hard to know what to make of these figures. Many, many young people are looking to buy a home – but most want to wait until next year. And, among those who’ve already taken the plunge, most aren’t pleased with their mortgages (then again, who really is?).
Some other interesting facts to pass along from the same poll: down payments (23 percent) and rising real estate prices (also 23 percent) are the two main worries for young Canadians in the housing market. And, good news for BuzzBuzzHome, 55 percent of young Canadians looking for information on real estate now turn the web.