Young adults are the most optimistic age group in Canada about buying a home this year despite the rising cost of house prices, reveals a survey conducted by the Wahi real estate agency.<\/p>\n
In its 2024 Homebuyer Intentions Survey, the real estate agency examined the attitudes of Canadians towards homebuying over the next year.<\/p>\n
The results of that survey revealed nearly one-quarter, 24 per cent, of Canadians aged 18 to 34 years old hope to buy a home in 2024.<\/p>\n
That means these young adults are more likely to be planning to buy a home than those aged 35 to 54 years old or those 55 years old and above.<\/p>\n
Among those 35-to-54 years old, only 22 per cent they planned to buy a home this year and only 11 per cent of those aged 55 and older said they planned to do so. The national average for all age groups was 18 per cent.<\/p>\n
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Canada Is Becoming A Nation Of Immigrants, Says Think-Tank<\/a> With higher housing costs than in the past, many of those who are hoping to buy a home this year are planning to tighten their belts and work side gigs to raise the needed down payments.\u00a0<\/span><\/p>\n \u201cSome 45 per cent of potential homebuyers say they are cutting back on spending to set themselves up financially for purchasing a home in 2024, making it the most common sacrifice,\u201d noted Wahi in a statement.\u00a0<\/span><\/p>\n \u201cCanadians aged 18 to 34 were most likely to cut back on spending, at 59 per cent.\u201d<\/p>\n One in five Canadians with homebuying intentions this year says he or she is planning to work more hours or take on a gig-economy job, such as driving for Uber. And about one in five, 19 per cent, of these potential homebuyers aged 18-34 plan to purchase that property with a partner or family member to split the cost.<\/p>\n Watch Video<\/b><\/p>\n
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