A lot is made of millennials in the media. Talk, for example, of how they need to be coddled more than previous generations and dealt with differently by bosses. Say what you want about millennials in Canada, but the reality is that they are entering their prime home-buying years in a landscape where their demand is unlikely to be satisfied.
"Facing challenges their baby-boomer parents never encountered, peak millennials are confronted with significant obstacles that vary depending on where they live," said Royal LePage chief executive offer Phil Soper.
His comments come on the heels of a nationwide survey conducted by Royal LePage that offers valuable insight into the mindset and financial situations of peak millennials (those between the ages of 25 and 30).
Of the 1,000 peak millennials surveyed, 64 per cent of them believed that properties in their respective regions are unaffordable. And in a country where the money it takes to purchase a 910 sq. ft. starter condo in Toronto could land you a four-bedroom detached house in Fredericton, who can blame them?
Thirty-five per cent of survey respondents already owned a home, but half said they rent and most of the remaining 15 per cent lived either with their parents or family members.
In Ontario, home ownership feels like a far-away dream for many of the peak millennials surveyed. Though 59 per cent of them stated a desire to buy a detached home, only 30 per cent believed they would actually be able to afford one.
It was even worse in Alberta, which, in the entire country, had the lowest rate of confidence in being able to buy a home within five years. That was compounded by the fact that 44 per cent of Albertans surveyed wouldn't want to pull the trigger on property ownership in their region due to job uncertainty.