Half of young Canadians have their own home
Canadian youth are confident in their finances and consider real estate a good investment.
48% of Canadians between the ages of 25 and 35 own their own real estate. This conclusion was reached by Canadian real estate operator Royal LePage, conducting a survey of the population. Among those who have not yet own a home, 84% of respondents intend to do so in the foreseeable future and 68% — in the next 5 years.
Such figures may seem surprising, but according to the same survey, 78% of young people are confident that their financial situation will remain stable in the long term. To be fair, a quarter of homeowners bought property during the pandemic, when the government cut mortgage rates and remote work allowed them to move further away from offices.
If we compare Canadian regions in terms of what percentage of young people own a home, Alberta comes in first with 56% and Ontario comes in last with 44%.
According to official Government of Canada statistics, the average hourly wage for residents (all age groups) in 2020 was $28.08 CAD. With a schedule of 35 hours per week, the average wage per month is about $4,324 CAD.
What about immigrants? Our website has a section called "success stories" where real people who have moved to Canada share their experiences.
