Recent survey shows 54 per cent of Ottawa millennials believe they will own a home one day
Posted Aug 24, 2022 02:33:00 PM.
According to a recent survey by Royal LePage conducted by Leger, 54 per cent of Ottawa millennials who do not currently own a home believe they will one day.
Meanwhile, 33 per cent of non-homeowner millennials in the city do not believe they will ever own a home.
“Millennial buyers in Ottawa still value home ownership despite waning affordability in the region,” said Adam Ricci, a sales representative with Royal Lepage Team Realty. “They are willing to expand their geographical search if it means they will have an opportunity to purchase, allowing them to build equity and establish a sense of security.”
The survey found that 53 per cent of millennials in Ottawa are already homeowners, and, 60 per cent plan to purchase a home within the next five years. Of those who plan to buy their first home or sell their current home and move within this period, 54 per cent say they will remain in the city, while 35 per cent say they plan to relocate.
“Prior to the pandemic, neighbourhoods further outside the city centre were priced more affordably than downtown,” added Ricci. “Today, as more residents have the option to work remotely, or in a hybrid work schedule, price variations have narrowed. As a result, young buyers are willing to relocate even further from the city's core and commute in order to purchase a property with more space.”
Seventy per cent of millennials in Ottawa say that if the cost of living was not an issue, they would choose to continue living in the city. However, 45 per cent do not believe their salaries will increase at a rate that will allow them to buy a home in their current location. Twenty-seven per cent of respondents say their ideal work/life scenario would be to live outside the city and work fully remotely, which was the most popular answer of all options offered. The second most popular option is to live in the city and work fully remotely (15 per cent).
According to the survey, 69 per cent of non-homeowner millennials in Ottawa feel that home ownership is important.
