A new survey shows that young adults in Saskatchewan are more optimistic about the province’s housing prices than young adults in many other parts of the Country.
The survey by Royal Lepage show that 90 % of Canadian millennials who don’t own a home think it would be a good investment, but only 57 per cent think they’ll be able to afford one in the next five years. The report surveyed 1,000 people online across the country between the ages of 25 and 30.
50 per cent of those millennials are currently renting, 35 per cent already own a home and 14 per cent are living with their parents.
Millennials surveyed in Saskatchewan were more optimistic than the rest of the country when it comes to home prices – half of respondents said they think housing is affordable in the province. 57 per cent of millennials in Saskatchewan said they didn’t think they’d purchase one within the next five years because they want to wait until they can buy the type of home they want. Forty-five per cent said they’re holding off purchasing until they have more job certainty.
The report also said millennials will shape the housing market due to the sheer volume of the group. The number of people aged 25 to 30 is expected to increase 17 per cent in 2021 compared to last year.