The desire to own a home is alive and well among Ontario’s younger generations, according to new research from the Ontario Real Estate Association (OREA). A large majority, 77% of Generation Y and 79% of Generation X, say homeownership is important to them. Together, these generations include Ontarians aged 19 to 49 years of age.
“A large majority of younger Ontarians believe that owning a home makes more sense than renting,” says Sean Simpson, vice president, Ipsos Public Affairs. “They also have a positive perception of the economy and the current residential real estate market in Ontario, both of which are important considerations in the decision to buy a home. Insights like these help us understand the motivation for younger people to buy homes.”
The study found that:
• 76% of Gen Y and 82% of Gen X, think it makes more sense to own a home rather than rent over the long-term
• 73% of Gen Y and 82% of Gen X believe real estate is a good investment
• more than half of Gen Y and Gen X have a favourable assessment of the current residential real estate market in Ontario (51% and 63% respectively), while only 23% and 17% have a negative assessment
• the majority also describe the economy as ‘good’ right now (61% of Gen Y and 57% of Gen X).
“Their positive outlooks show that these new and aspiring homeowners understand the long-term investment potential of residential real estate,” says Phil Dorner, president of OREA. “With spring just around the corner, the reawakening real estate market is a great time for prospective homebuyers to explore their homeownership options.”
The study, conducted by Ipsos Reid on behalf of OREA, examined public opinion in Ontario on a variety of matters pertaining to the Ontario real estate market.
To learn more about the study, visit www.orea.com.
This article is provided by local REALTORS® and the Ontario Real Estate Association for the benefit of consumers in the real estate market.