Last Updated on October 24, 2023 by Ephraim Vecina
Amid the growing popularity of the rental market as the top choice of those with an eye towards affordability, a clear majority of Canadians still see home ownership as the ideal state of affairs.
In a new survey, real estate information portal Zoocasa found that 74% of Canadians see ownership as a crucial milestone. Only 25% said that that they are already living in their preferred asset types.
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The results were remarkably similar to a recent analysis by Sotheby’s International Realty Canada, which indicated that 83% of the country’s young households would not hesitate to purchase and move to single-detached homes if costs are not an issue.
“The popular perception is that people in modern families have typically preferred multi-unit and city centre locations, when in fact what the report shows is if price were no object, they would prefer single family homes,” Sotheby’s International Realty Canada president and CEO Brad Henderson told HuffPost Canada.
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The Sotheby’s report added that elevated single-family home prices are mainly responsible for pushing most people away from ownership. Indeed, 56% of the Zoocasa respondents admitted that if these market conditions continue, ideal housing would become well out of reach.
Despite these economic realities, 41% of Canadians still believe that they will be able to afford their dream homes sometime in the future. And nearly 3 out of 4 (71%) asserted that the federal government should be doing more to ease first-time buyers into the market.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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