Millennials drive home buying in Canada
Toronto’s Genworth Canada recently revealed that 6 out of 10 millennials own homes, 30 percent of those having purchased within the past two years and 30 percent more intend to buy in the coming two years.
Following the conclusion of its nationwide Financial Fitness and Homeownership Study — performed in collaboration with the Canadian Association of Credit Counselling Services (CACCS) — the mortgage insurance firm noted the figures’ contrast to just 9 percent of older Canadian first-time buyers.
Self-perception of financial status was included in the survey, with 68 percent of first-time buyers and 59 percent of repeat buyers stating that they are in good or great shape fiscally. Overall, homeownership tends to co-exist with greater financial awareness and a more positive economic outlook among Canadians.
"It is encouraging to see the high level of financial confidence coming from first-time homebuyers and homeowners,” Genworth Canada president and CEO Stuart Levings said. “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."
As Canada’s largest private residential mortgage insurer, Genworth Financial Mortgage Insurance Company Canada provides life and long-term care insurance, mortgage insurance and annuities.