Survey: Millennials don’t believe they can afford a house in their lifetime

Matthew Fraser / December 5th, 2019

46 percent of millennials believe they will never be able to own a home.
(Mark Moz / Flickr)

A new survey from KPMG finds that almost half of millennials don’t believe they will be able to afford a house in their life.

Although the poll shows that 72 per cent of millennials have the goal of owning a home one day, 46 per cent believe the act is near impossible.

In a written statement, Martin Joyce of KPMG said there are a number of factors that make this a challenge, particularly with the Vancouver and Toronto markets.

“The combination of rising house prices, high levels of personal debt and annual incomes that are just a fraction of the cost of buying a home compared with their parents’ generation, is pushing the dream of home ownership out of reach for many millennials.” – Martin Joyce, Partner, National Leader, Human & Social Services, KPMG

The poll also finds 46 per cent of millennials that have bought a home, required financial assistance from their parents.

Additionally, it also finds another factor making this difficult for millennials is the high levels of student debt they face. This leads to clients taking higher mortgages compared to previous generations.

Despite this however, one local real estate agent believes millennials are still capable of owning homes themselves.

“Millennials I believe, could own. They’ve got to pool their money though. It’s not like it used to be. It takes a bit of effort, but if they come together, I think they can.” – Al Dyck, Sutton Real Estate Agent

The report stated it typically takes millennials an average of 13 years for a down payment of 20 per cent. A large increase from the five years it usually took for their parents in 1976.

Real Estate Agent Al Dyck believes millennials can still own homes, if they act accordingly.
(Al Dyck / Sutton Group)