Purchasing a condominium may be a more attainable goal for first-time buyers compared to buying a single-family home. Traditionally, having two incomes was seen as the ideal way to achieve homeownership. However, a recent survey by Point2 has revealed a new trend among Canadian homebuyers.
The survey found that four out of 10 Canadian renters are willing to apply for a mortgage on their own, moving away from the traditional practice of applying with a partner. Andra Hopulele, the study’s author, highlights that young adults and single individuals are redefining the idea of homeownership by realizing that buying a home does not require them to be married or in a relationship.
Here are some key findings from the survey based on different generations:
Most Generations
42% of renters from most generations are considering applying for a mortgage alone, citing high home prices and down payment concerns as the main obstacles.
Gen Z and Millennials
Gen Z and younger Millennials are ambitious, with a high percentage planning to buy a home within the next year. They are saving significant amounts for down payments, while older Millennials still prefer buying with a spouse.
Gen X and Baby Boomers
Gen X renters are interested in buying alone but are more concerned about credit scores. Baby Boomers are looking for smaller single-family homes and are uncertain about when they will make a purchase.
The Changing Face of Homeownership: Young Adults and Singles
Young adults and single individuals are reshaping the concept of homeownership. They are comfortable pursuing homeownership on their own, with an increasing number of Canadians living alone taking on the challenge.
The New Homebuyer: Ambitious Goals
The survey shows that the majority of Canadian renters aspire to buy a single-family home, with both Gen Z and Baby Boomers displaying strong determination to achieve this goal within the next year. Despite challenges in the housing market, renters are committed to homeownership, even if it means pursuing it independently.
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