A study by Genworth Canada says that millennials are now driving the housing market. Canadians remain committed to homeownership and those who own a home have better financial outcomes than those who do not. It says homeowners are far more likely to say they are in great/good financial fitness versus non-homeowners.
The study found that 59 per cent of millennials have already purchased a home. Among those who own their homes, 30 per cent of millennials bought their first home or a home that was not their first in the past two years, compared to nine percent of older Canadians. During the next two years, among non-owners another 30 per cent of millennials plan on making their first home purchase.
The annual Financial Fitness and Homeownership Study poll completed in conjunction with the Canadian Association of Credit Counselling Services (CACCS) took place from Feb. 8 to March 27. It asked 2,000 Canadians questions about their financial well-being, homeownership intentions and preparedness for the future.
Sixty-eight per cent of first-time buyers say they are in great/good financial shape, as well as 59 per cent of repeat buyers.
“It is encouraging to see the high level of financial confidence coming from first-time homebuyers and homeowners. As a company that is committed to providing financial literacy education to aid those looking to achieve homeownership, these results demonstrate that this segment of Canadians are doing the necessary homework to support their financial future,” says Stuart Levings, president and CEO of Genworth Canada, in a news release.
The company says homeownership is a mainstay for many Canadians’ financial well-being and homeowners demonstrate greater financial discipline and report greater long-term confidence in their financial outlook.
Consumers can test their financial fitness at www.caccs.ca. The process is “quick, easy and free – but rich in value because it can help guide wise financial choices,” says Henrietta Ross, CEO of the Canadian Association of Credit Counselling Services. The financial score is based on attitudinal, behavioural and outcome measures.
