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Home ownership important to Ontario’s younger generation
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Study finds most Generation Y and Xers think ownership makes most senseGetty Images

Home ownership is important to the younger residents of Ontario, according to a new study conducted by Ipsos Reid for the Ontario Real Estate Association.

The research found that home ownership ranks high among 77 per cent of members of Generation Y (or echo boomers – those born between 1972 and 1992) polled and to 79 per cent  of members of Generation X  (those born from 1966 to 1971).

The study was conducted between November 4 and 7, 2013 when a sample of 1,517 Ontarians was interviewed via Ipsos' online panel.

A large majority of them (Gen Y and Xers, 76 and 82 per cent respectively) believe that owning a home makes more sensing than renting and they have a positive perception of the economy and the current real estate market in Ontario.

"The desire to own a home is alive and well among these demographics," said Phil Dorner, president of the Ontario Real Estate Association. "Their positive forecasts show that these new and aspiring homeowners understand the long-term investment potential of residential real estate."

Here are some of the key findings from the OREA study.

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LOOKING AHEAD

square.pngOne-third of Gen X’ers, and 39 per cent of Gen Y believe the real estate market in Ontario will be stronger in the next year, while only 20 per cent and 19 per cent, respectively, believe it be weaker


square.pngOver the next 10 years, 50 per cnet of Gen Y and 48 per cent of
Gen X believe the provincial real estate market will be stronger


square.png14 per cent of Gen Y and 17 per cent of Gen X say they are ‘very likely’ to buy a home within the next two years

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HOME OWNERSHIP

square.png30 per cent of Gen Y and 61 per cent of Gen X own a home


square.png76 per cent of Gen Y and 82 per cent of Gen X say owning a home gives them a sense of pride

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REASONS FOR PURCHASING

square.pngOf those respondents who currently own, or are likely to purchase one in the future, Generation Y cites ‘desire to own a home of my own’ (33 per cent), ‘long term investment value’ (32 per cent) and ‘financial readiness’ (29 per cent) as their top reasons


square.pngGeneration X cites ‘desire for a larger home’ (31 per cent), ‘long term investment value’ and ‘desire to own a home of my own’
(30 per cent each), followed by ‘mortgages rates were/are right’
(29 per cent)

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