Millennials Represent About 45% of Homes Sold In Canada-Diane Plant, Broker

Millennials Represent About 45% of Homes Sold In Canada

Millennials Represent About 45% of Homes Sold In Canada

First time buyers are driving the housing market but are increasingly turning to credit to afford the down payment on a new home. A report from the Canadian Association of Accredited Mortgage Professionals found that in the past 27 months 45 per cent of the 620,000 homes sold across Canada were bought by first time buyers. Most are between 25 and 34 years old, were typically employed full-time and confident about job security. Almost two thirds believe that a mortgage is “good debt”.

However the report also shows that borrowing from friends, family and credit cards is on the rise, especially among first timers, with $10 billion annually borrowed to meet down payments. As home prices have been rising first time buyers have struggled to save fast enough to keep up, leading to desperate measures. The report shows that first timers borrow on average 85 per cent of their new home’s value including the mortgage.

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