Does Every Generation Buy Homes The Same Way? Survey Says..
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Do younger Canadians think differently about buying a house than
their parents or grandparents did? A recent TD Canada Trust Generational
Homeownership Study set out to find out just that - and came up with some
interesting results.
Young Canadians are ready to buy much earlier than their
grandparents - or parents - were.
Interestingly, young Canadians aged 18-34 are more likely to
feel they are financially ready to buy their first home compared to their
parents and grandparents, however, it appeared that there was an increase
in young homebuyers who are relying on family for financial assistance to
make their home purchase a reality.
It's no surprise really, given that financial priorities have
shifted over time.
Take paying off a mortgage, for example. Turns out that these
days, people expect to live with a mortgage for a long, long time. When
today's Canadians aged 55+ bought their first home, paying off their
mortgage was a top priority. Fewer than half of young Canadian adults
(49%) agree that paying off their mortgage is a top priority. But what IS
significant for younger Canadians is location - almost 80% of Canadians
between 18 and 34 years of age told us that where they buy is huge.
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Other interesting
cross-generational comparisons:
64% aged 18-34 purchased
their first home in a city, 11% more than those 35-54 and 14% more than
those aged 55+
Both younger Canadians
18-34 (65%) and Canadians 55+ (88%) revealed that their first real
estate purchase was a house
When it came to getting a
mortgage, 18-35 year-olds shop around more than their older
counterparts did since 62% of older Canadians revealed they were loyal
to their own bank and received financing where they were already a
customer, compared to 36% of younger Canadians.
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While there are plenty of differences between generations when
it comes to talk about buying a house, one conclusion sticks out above
the others: lessons about financing do get passed along by the older
generations.To
readers: What are some pieces of advice you have learned from your
parents or grandparents that you have applied to you own decision making?
Regards
Silvia