Today's 18-34 year olds feel differently about purchasing a home than their parents or grandparents did at the same age, reveals an October 19, 2009, survey by TD Canada Trust.
Of the 18-34 year-old group, 51% said that they felt financially ready to buy a home. Only 37% of the 55+ group said they felt ready to buy at the same stage of their life.
Help from family sealed the deal: 36% of the 18-34 group purchased a home with the help of family (compared to 16% of the 55+ group). 27 % of the 18-34 group said they received money as a gift or they borrowed from family or friends when they bought their first home (compared to 10% of those 55+).
Location Tops the List for young people: Almost 80% of the 18-34 group surveyed said location was the most important factor in the purchase decision, as compared to 70% of buyers aged 35-54 and 64% of buyers 55+.
Houses vs. Condos and Townhouses: 65% of the 18-34 group bought a house for their first real estate purchase. 88% of 55+ purchased a house for their first purchase.
Life in the City = Older Home: Almost half (48%) of the 18-34 survey group chose a home over 20 years old. 35% of this group purchased their first home with plans to fix it up (versus 24% of 55+).
Life with a Mortgage – Get Used to It: 49% of the 18-34 group said wiping out their mortgage was a top priority. 64% of Canadians 55+ said paying off their mortgage was a top priority in buying their first home.
When Wants Exceed the Budget: 36% of the 18-34 group said their first home was more expensive than they’d planned for 18% of 55+ said their first home went beyond their planned budget.
Copyright Alberta Real Estate Association. Reprinted with permission. AREA makes no guarantee as to the accuracy or completeness of this information. Source: TD Canada Trust Generational Homeownership Survey reveals the younger the owner, the older the home.
