Jun 12, 2017
Pattie Lovett-Reid: 90% of Canadians think home ownership is still a good investment, survey finds
Despite societal concerns about rising home prices, the dream of the white picket fence is alive and well, according to a new survey.
The study, released Monday by Equifax Canada, found 90 cent of Canadians believe home ownership is a good investment, and 78 per cent of those who don’t currently own a home say they want to buy one. This includes younger Canadians, with the vast majority of those between 18 and 34 saying they want to buy a home one day – 84 per cent of those 18-24 and 87 per cent of those 25-34. But over half of those who don’t currently own a home said they don’t think they’ll ever be able to afford one.
And it isn’t only about home ownership. Eighty-three per cent also say owning a car is important, with 81 per cent of those 25-34 leading the pack.
But the reality for many is that it is hard to get by financially. This is supported by Equifax’s data, which found both millennials (85 per cent) and boomers (79 per cent) are optimistic about their financial futures, but are still concerned about debt.
Overall, Canadian consumer non-mortgage debt has increased by 4.2 per cent year-over-year and yet, specifically, Canadians aged 65 and older experienced at 17.7 per cent increase in non-mortgage debt over the past three years – the highest among all age groups, according the survey.
When asked if their current situation is better, worse or the same as what they thought it would be at this stage in their life, 40 per cent said that it was worse, and that number increased for Canadians aged 25-54 (between 47 per cent to 53 per cent).
As debt levels rise, there is a common theme: income is not keeping pace with expenses. But there is a silver lining – most consumer make more than the minimum payment on credit cards and Equifax data shows delinquencies in Canada are very low.
