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Survey says millennials want to own homes, think it's hard to achieve

Last Updated Oct 1, 2018 at 1:23 pm PST

FILE - Economists from RBC say the share of income a household would need to cover ownership costs hit 53.9 per cent in the second quarter of 2018. A real estate sign is pictured in Vancouver, B.C., Tuesday, June 12, 2018. The bank says Canada's housing affordability reached its worst level in 28 years and is bound to get worse. THE CANADIAN PRESS Jonathan Hayward

OTTAWA (NEWS 1130) — There is more evidence that home ownership is on the minds of millennials in our country and that many are finding that goal increasingly difficult to achieve.

A new survey done in the spring by Abacus Data for the Canadian Real Estate Association shows on a list of issues, housing affordability was named the most as something the federal government should prioritize. More than 60 per cent of people surveyed between 18 and 38 years of age say housing affordability should be a top or very high priority for Ottawa.

Darcy McLeod, the association’s regional director for B.C. and the Yukon, hopes the information brings some critical data to the government.

“Millennials aren’t young kids that want to live in their parents’ basement for the rest of their lives and play video games, and they’re actually a vital of the economy moving forward,” McLeod tells NEWS 1130.

“It also outlines that the majority of millennials support the idea of an increase in the home buyer’s tax credit,” McLeod says, but young professionals also feel that policies such as interest increases make it more difficult to attain mortgages.

 

In addition, the survey finds more than half of millennials asked think it’s become more difficult to buy residential property in the past year, citing that saving up for a down payment is a big barrier to home ownership.

Still 86 per cent want to own their own home one day.