According to a recent survey from Scotiabank, interest in buying a home is on the rise for young Canadians.
Nearly 1 in 5 respondents aged 18-34 say the pandemic has accelerated their plans to purchase a home or investment property.

Now, why is that?

Interest rates at historical lows have been sighted as one of the key drivers for the surge in buying confidence from young Canadians.

Based on the average mortgage size of $289,000, according to Equifax Canada, today’s homebuyers could save more than $13,000 due to the recent plunge in interest rates compared to if they had purchased back in January.

The Scotiabank survey also found that the younger demographic are expecting a drop in home prices more than any other age group.

25% of overall respondents expect a drop in home prices:
- 36% of those 18-34
- 24% of those 35-54
- 17% of those 55 and older

- 1 in 5 Canadians (20%) have had their finances negatively impacted by the pandemic and have had to put their home buying plans on hold.
- 77% of renters say they have no plans to purchase a home in the next two years, despite low interest rates.
- 12% of homeowners are planning to use the equity in the home to finance a renovation

Are you a young buyer looking for your first home or investment property? Give us a call at 705-805-9055 to chat to a team member today!